# In the matter of Jet Airways (India) Ltd. IA No. 2081 of 2020 in CP (IB) No. 2205/MB/2019

> NCLT judgment dated 2021-06-22. Citation: TCN-2021-NCLT-01932. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 22 Jun 2021
- **Citation:** TCN-2021-NCLT-01932
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jet-airways-india-ltd-ia-no-2081-of-2020-in-cp-ib-no-2205mb2019-aa243e4a

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking approval of the Resolution Plan submitted by the consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch (Jalan Fritsch Consortium / Resolution Applicant) for Jet Airways (India) Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Mumbai Bench on 20.06.2019. Several attempts were made to invite Expression of Interest (EoI) from prospective resolution applicants (PRAs), but none resulted in a viable resolution plan until the Jalan Fritsch Consortium submitted their plan.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Jet Airways (India) Limited was initiated on 20.06.2019 by the NCLT Mumbai Bench. Ashish Chhawchharia was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Several rounds of Expression of Interest (EoI) invitations were conducted, but no viable resolution plan was received until the Jalan Fritsch Consortium submitted their plan. The Resolution Plan submitted by Jalan Fritsch Consortium was approved by the CoC with a majority of 99.22% votes in favor. The plan includes provisions for payment to various stakeholders, including financial creditors, operational creditors, employees, and workmen. The plan also addresses the treatment of airport and parking

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Jalan Fritsch Consortium meets the requirements of …

**Ratio:** Section 30(2) of the IBC and Regulation 38 of the Regulations prescribe the mandatory

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**Reasoning:** The court examined the Resolution Plan to ensure that it complies with the mandatory

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**Interpretation:** Section 30(2) and Regulation 38 are interpreted to ensure that the resolution

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**Application:** The court applied the provisions of Section 30(2) and Regulation 38 to the

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Ashish Chhawchhari…
- **Respondents:** Jet Airways…; State Bank of…

## Timeline

- **2019-06-20 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of Jet Airways (India) Limited was…
- **2019-07-16 — Confirmatio…**: Ashish Chhawchharia was confirmed as the Resolution Professional (RP) in the 1st meeting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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