# Jet Airways (India) Limited, Through Mr. Satish Kumar Gupta, Liquidator vs. Maharashtra Industrial Development Corporation

> NCLT judgment dated 2026-07-08. Citation: TCN-2026-NCLT-00779. The Liquidator of Jet Airways (India) Limited filed an Interlocutory Application (IA) under…

- **Court:** NCLT
- **Order date:** 8 Jul 2026
- **Citation:** TCN-2026-NCLT-00779
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/jet-airways-india-limited-through-mr-satish-kumar-gupta-liquidator-vs-maharashtr-im8iw

## Summary

### Background

The Liquidator of Jet Airways (India) Limited filed an Interlocutory Application (IA) under Section 60(5) of the IBC and Rule 11 of the NCLT Rules, seeking to set aside termination notices issued by Maharashtra Industrial Development Corporation (MIDC) for two plots (EL236 and OS-12/1) in Navi Mumbai. These plots were allotted to the Corporate Debtor, and the full lease premium was paid, but the lease agreement was not formally executed. MIDC cancelled the allotment and forfeited the premium, citing the Corporate Debtor's failure to execute the lease agreement and alleged encroachment by a third party.

## Facts

IA NO. 5460 OF 2025 was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of The National Company Law Tribunal Rules, 2016.

The Applicant is the Liquidator of Jet Airways (India) Limited ('Corporate Debtor').

The Liquidator was appointed by the Tribunal vide Order dated 26.11.2024.

The Corporate Insolvency Resolution Process ('CIRP') for Jet Airways commenced on 20.06.2019.

A Resolution Plan was approved by the Committee of Creditors (CoC) on 17.10.2020 and by the Tribunal on 22.6.2021.

The approved resolution plan failed to be implemented.

The Hon'ble Supreme Court directed the Corporate Debtor to be liquidated on 7.11.2024.

The Tribunal passed an order for liquidation on 26.11.2024.

…

## Issues and analysis

### Issue 1: Whether the cancellation of allotment of plots by MIDC constitutes a fresh legal proceeding barred …

**Ratio:** Actions by a statutory authority that directly impact and deplete the assets of a

…

**Reasoning:** Section 33(5) aims to preserve and maximize asset value, curtail parallel proceedings,

…

**Interpretation:** The phrase "other legal proceeding" in Section 33(5) of IBC should be

…

**Application:** MIDC's issuance of termination notices, which cancelled the allotment of plots

…

## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Jet Airways…; Jet Airways…; +1 more
- **Respondents:** Jet Airways…; Maharashtra…
- **Other parties:** CoC…; State Bank of…; +1 more
- **Advocates:** Malhar Za…; Nishant Up…; +1 more

## Timeline

- **2017-12-12 — Allotment Lett…**: Allotment letter for Plot No.…
- **2018-01-04 — Allotment Lett…**: Allotment letter for Plot No. EL-236…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/jet-airways-india-limited-through-mr-satish-kumar-gupta-liquidator-vs-maharashtr-im8iw