# In the matter of State Bank of India and Ors. vs. The Consortium of Murari Lal Jalan and Florian Fritsch and Anr.

> SC judgment dated 2024-01-18. Citation: TCN-2024-SC-00105. This case involves appeals arising from orders of the National Company Law Appellate Tribunal…

- **Court:** SC
- **Order date:** 18 Jan 2024
- **Citation:** TCN-2024-SC-00105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/state-bank-of-india-and-ors-vs-the-consortium-of-murari-lal-jalan-and-florian-fr-504ada03

## Summary

### Background

This case involves appeals arising from orders of the National Company Law Appellate Tribunal (NCLAT) regarding a Resolution Plan submitted under the Insolvency and Bankruptcy Code, 2016 (IBC) for Jet Airways Limited. The Resolution Plan, proposed by a consortium led by Murari Lal Jalan and Florian Fristch, was approved by the Committee of Creditors (CoC) on 17 October 2020. The Resolution Professional then sought approval from the Adjudicating Authority (National Company Law Tribunal - NCLT). The Resolution Plan stipulated conditions for implementation, including validation of the Airline Operator Permit (AOP) by the Director General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MoCA), approval of the business plan by DGCA and MoCA, slot allotment approval,

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## Facts

The National Company Law Appellate Tribunal (NCLAT) issued orders related to a Resolution Plan under the Insolvency and Bankruptcy Code, 2016 (IBC) for Jet Airways Limited. The Resolution Plan, proposed by a consortium led by Murari Lal Jalan and Florian Fristch, was approved by the Committee of Creditors (CoC) on 17 October 2020. The plan included conditions such as validation of the Airline Operator Permit (AOP), approval of the business plan, slot allotment, international traffic rights clearance, and demerger of the ground handling business. The NCLT mandated completion of these conditions within 90 days, extendable by 180 days. A dispute arose between the Successful Resolution Applicant (SRA) and lenders (represented by State Bank of India - SBI) regarding

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## Issues and analysis

### Issue 1: Whether the NCLAT was justified in allowing the Successful Resolution Applicant (SRA) to adjust the …

**Ratio:** The infusion of Rs 350 crores, as envisaged in the affidavit, could not have been

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**Reasoning:** The Supreme Court reasoned that the NCLAT's order allowing the adjustment of the PBG was

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**Interpretation:** The court interpreted the terms of the SBI affidavit and the Resolution Plan to

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**Application:** The court applied the ratio to the specific facts of the case, concluding that

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## Parties

- **Judges:** Dr Dhananjaya Y…
- **Appellants:** State Bank of…
- **Respondents:** Jet Airways…; The Consortium of…
- **Other parties:** Over Tu…

## Timeline

- **2020-10-17 — Resolution Plan…**: The Resolution Plan proposed by a consortium led by Murari Lal Jalan and Florian Fristch…
- **2021-06-22 — NCLT Ord…**: NCLT issued its Plan…

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