This application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, concerning the strategic assets of the Applicant (Jet Airways) located at the Respondent's (State Bank of India) hangar and other airport premises. Jet Airways ceased commercial airline operations on 17.04.2019, prior to the commencement of the Corporate Insolvency Resolution Process (CIRP). The Respondent requested Jet Airways to vacate the facility on 03.06.2019, claiming the permission for its use had been revoked. The Applicant sought to restrain the Respondent from removing the assets and requested unhindered access for maintenance, crucial for the Resolution Plan's success. The Respondent challenged the application's maintainability, arguing that Jet Airways had ceased
…Jet Airways (Applicant) had its strategic assets, including aircraft, engines, and auxiliary power units, located at the State Bank of India's (Respondent) hangar and other premises at Mumbai International Airport Limited (MIAL). Jet Airways ceased commercial operations on 17.04.2019, prior to the commencement of its Corporate Insolvency Resolution Process (CIRP). The Respondent requested Jet Airways to vacate the premises on 03.06.2019, claiming that the permission for its use had been revoked. The Applicant contended that these assets required regular maintenance (every seven, fifteen, thirty, ninety, and three hundred sixty-five days) to prevent deterioration. A Resolution Plan was approved on 22.06.2021, which the Applicant argued required continued utilization of
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Jet Airways ce…
The Respondent…
This application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, concerning the strategic assets of the Applicant (Jet Airways) located at the Respondent's (State Bank of India) hangar and other airport premises. Jet Airways ceased commercial airline operations on 17.04.2019, prior to the commencement of the Corporate Insolvency Resolution Process (CIRP). The Respondent requested Jet Airways to vacate the facility on 03.06.2019, claiming the permission for its use had been revoked. The Applicant sought to restrain the Respondent from removing the assets and requested unhindered access for maintenance, crucial for the Resolution Plan's success. The Respondent challenged the application's maintainability, arguing that Jet Airways had ceased
…Jet Airways (Applicant) had its strategic assets, including aircraft, engines, and auxiliary power units, located at the State Bank of India's (Respondent) hangar and other premises at Mumbai International Airport Limited (MIAL). Jet Airways ceased commercial operations on 17.04.2019, prior to the commencement of its Corporate Insolvency Resolution Process (CIRP). The Respondent requested Jet Airways to vacate the premises on 03.06.2019, claiming that the permission for its use had been revoked. The Applicant contended that these assets required regular maintenance (every seven, fifteen, thirty, ninety, and three hundred sixty-five days) to prevent deterioration. A Resolution Plan was approved on 22.06.2021, which the Applicant argued required continued utilization of
…Jet Airways ce…
The Respondent…