# State Bank of India vs. Jet Airways India Limited

> NCLT judgment dated 2023-01-13. Citation: TCN-2023-NCLT-05508. This case involves an application by the Successful Resolution Applicant (SRA) for Jet Airways…

- **Court:** NCLT
- **Order date:** 13 Jan 2023
- **Citation:** TCN-2023-NCLT-05508
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/state-bank-of-india-vs-jet-airways-india-limited-cxpm98ep

## Summary

### Background

This case involves an application by the Successful Resolution Applicant (SRA) for Jet Airways (India) Limited, seeking implementation of a resolution plan approved by the Adjudicating Authority. The SRA filed two applications: one for implementation of the plan and another for exclusion of a certain period in the computation of the effective date.

## Facts

IA No. 3398/2022 is an Implementation Application.

IA No. 3508/2022 is an Exclusion Application.

The applicant is the Consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch, the Successful Resolution Applicant for Jet Airways (India) Limited.

The resolution plan was approved on 22 June 2021.

The respondents are the top three lenders of the Corporate Debtor and the erstwhile Resolution Professional, Mr. Ashish Chhawchharia.

The SRA is to re-commence operations as an aviation company subject to certain conditions precedent.

The SRA submitted the Business Plan to DGCA & MoCA on 5 August 2021.

DGCA re-issued the AOC of the Corporate Debtor on 20 May 2022.

The SRA submitted a copy of the PBG for an amount of INR 87.50 Crores to the MC lenders on 27 May 2022.

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## Issues and analysis

### Issue 1: Whether the Successful Resolution Applicant (SRA) has fulfilled all the conditions precedent (CPs) …

**Ratio:** The National Company Law Appellate Tribunal (NCLAT) had already addressed the issue of CP

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**Reasoning:** The Tribunal reasoned that the issue of CP completion and the achievement of the

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**Interpretation:** The Tribunal interpreted the various clauses of the Resolution Plan, including

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**Application:** The Tribunal considered the facts and arguments presented by both parties and

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## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** The Consortium of…; The Consortium of…
- **Respondents:** Jet Airways…; State Bank of…; +4 more
- **Other parties:** JerzLE2XSCWtLxViMw…
- **Advocates:** K. Da…; Mahima…; +12 more

## Timeline

- **2023-01-13 — Order…**: Ld. Counsel appearing for the Respondents no 1,2 & 3 Shri Rohan Rajadhakshya requested…

## 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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