# In the matter of Jet Airways (India) Ltd. C.P. (IB)-2205(MB)-2019

> NCLT judgment dated 2019-07-05. Citation: TCN-2019-NCLT-02661. The Resolution Professional (RP) filed MA 2387/2019 seeking a restraining order against the…

- **Court:** NCLT
- **Order date:** 5 Jul 2019
- **Citation:** TCN-2019-NCLT-02661
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jet-airways-india-ltd-cp-ib-2205mb-2019-fd9d2470

## Summary

### Background

The Resolution Professional (RP) filed MA 2387/2019 seeking a restraining order against the Respondent from de-registering the Aircraft until the Corporate Insolvency Resolution Process (CIRP) is completed. The applicant contends that the Corporate Debtor is the registered operator of the Aircraft, which is an asset acquired through a lease agreement. The Respondent received an Irrevocable De-registration and Export Requested Authorisation (IDERA) and issued a public notice. The holder of the IDERA right requested de-registration of the Aircraft. The RP argues that de-registration would violate the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016, and assist the Lessor in unlawful recovery of property. The RP also stated that the DGCA has

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## Facts

The Resolution Professional (RP) filed an application (MA 2387/2019) seeking a restraining order against the Respondent from de-registering an aircraft owned by the Corporate Debtor, Jet Airways (India) Ltd., during the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor acquired the aircraft through a lease agreement dated 29.8.2007 with Fleet Ireland Aircraft Lease 2007-B2 Limited(Lessor). The Respondent received an Irrevocable De-registration and Export Requested Authorisation (IDERA) on 28.6.2019 and issued a public notice on 1.7.2019. The RP contends that de-registration would violate the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016. The RP also argues that the DGCA is obligated to cancel the aircraft's

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## Issues and analysis

### Issue 1: Whether the de-registration of the aircraft by the Respondent would violate the moratorium imposed …

**Ratio:** Section 14 of the IBC imposes a moratorium on the institution or continuation of suits or

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**Reasoning:** The court reasoned that allowing the de-registration of the aircraft during the

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**Interpretation:** Section 14 is interpreted to provide a protective shield to the corporate

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**Application:** In this case, the court applied the ratio of Section 14 to prevent the

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## Parties

- **Judges:** V. P. S…; Ravikumar…; +1 more
- **Appellants:** ΜΑ 2387/2019 has…
- **Respondents:** Jet Airways…

## Timeline

- **2007-08-29 — Lease Agr…**: Lease agreement dated 29.8.2007 between the Corporate Debtor and Fleet Ireland Aircraft…
- **2019-06-20 — Petition Ad…**: The Bench admitted the Petition and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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