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Resolution Plan Not Implemented: Forfeited Amounts Are Not CIRP Costs – NCLT Mumbai
Case Law Details
- Case Name
- State Bank of India Vs JET Airways India Limited (NCLT Mumbai)
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- NCLT
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State Bank of India Vs JET Airways India Limited (NCLT Mumbai)
The National Company Law Tribunal, Mumbai Bench considered an application filed by the consortium of the Successful Resolution Applicant (SRA) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to treat amounts aggregating ₹350 crore as Corporate Insolvency Resolution Process (CIRP) costs in the liquidation of the corporate debtor. The SRA claimed that it had infused a total of ₹370.76 crore during the CIRP, comprising ₹150 crore as a performance bank guarantee, ₹200 crore as share capital money formin...
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