# In the matter of Jet Airways (India) Ltd. IA No. 125-MB-C-I-2022 in C.P (IB) No. 2205-MB-C-I-2019

> NCLT judgment dated 2022-03-22. Citation: TCN-2022-NCLT-03617. This is an application submitted by the Successful Resolution Applicant (SRA) requesting that…

- **Court:** NCLT
- **Order date:** 22 Mar 2022
- **Citation:** TCN-2022-NCLT-03617
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jet-airways-india-ltd-ia-no-125-mb-c-i-2022-in-cp-ib-no-2205-mb-c-i-2019-d4590493

## Summary

### Background

This is an application submitted by the Successful Resolution Applicant (SRA) requesting that certain expenses be borne by the Corporate Debtor (CD) until the 'Effective Date' of implementing the Resolution Plan. The Resolution Plan was approved on 2021-06-22, stipulating that the 'Effective Date' would be within 90 days (or a maximum of 270 days) from the plan's approval.

## Facts

The Successful Resolution Applicant (SRA) filed an application seeking directions that certain expenses need to be borne by the Corporate Debtor (CD) until the 'Effective Date' of implementing the Resolution Plan. The Resolution Plan was approved on 2021-06-22, with the 'Effective Date' to be within 90 to 270 days from approval. The SRA requested the Respondents to pay all expenses relating to the CD until the Effective Date, including expenses for Conditions Precedent fulfillment, hiring employees, IT contracts, training, ground handling, engineering, MRO contracts, and operational expenses, using the CD's positive cash balance. The SRA submitted that Clause 6.4.1 (h) of the Resolution Plan states that expenses incurred by the CD from the Approval Date until the

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## Issues and analysis

### Issue 1: Whether the expenses related to the Corporate Debtor's operations and the fulfillment of Condition …

**Ratio:** The Successful Resolution Applicant (SRA) takes responsibility for completing all

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**Reasoning:** The Adjudicating Authority noted that the Resolution Plan, approved on 2021-06-22,

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**Interpretation:** The SRA's responsibility for completing CPs includes the responsibility for all

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**Application:** The prayer in the Application to issue directions to Respondent to pay and to

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## Parties

- **Judges:** P.N. Deshmukh…; K.K. V…
- **Appellants:** The Consortium of…
- **Respondents:** Jet Airways…; State Bank of…

## Timeline

- **2021-06-22 — Resolution Plan…**: The Resolution Plan was approved incorporating clause that 'Effective Date' will be…
- **2022-01-31 — SRA brought 5…**: SRA brought 50 Crores and agreed that this amount will not be returned to lenders till…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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