Jet Airways (India) Limited Vs Maharashtra Industrial Development Corporation (NCLT Mumbai)
The National Company Law Tribunal (NCLT) considered an interlocutory application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 11 of the National Company Law Tribunal Rules, 2016 by the Liquidator of Jet Airways (India) Limited seeking, among other reliefs, to set aside termination notices issued by the Maharashtra Industrial Development Corporation (MIDC) in respect of Plot No. EL-236 and Plot No. OS-12/1 situated at TTC Industrial Area, Mahape, Navi Mumbai, to permit the Liquidator to deal with the plots during liquidation, direct MIDC to execute the lease agreements, and restrain MIDC from taking possession or creating third-party rights over the plots.
The Corporate Insolvency Resolution Process commenced on 20.06.2019. A resolution plan approved by the Committee of Creditors on 17.10.2020 was approved by the Tribunal on 22.06.2021. Following failure to implement the approved resolution plan, the Supreme Court directed liquidation of the Corporate Debtor on 07.11.2024, and the Tribunal passed a liquidation order on 26.11.2024 appointing the Applicant as Liquidator.
MIDC had allotted two plots to the Corporate Debtor under allotment letters dated 12.12.2017 and 04.01.2018. The Corporate Debtor paid the entire lease premium of Rs. 15,86,33,750/- and Rs. 16,170/- within the stipulated period. The allotments were made for IT-enabled services, including flight simulation, technology-based training, animation and graphics, and for tree plantation/decoration purposes. Under the allotment terms, the Corporate Debtor was required to execute agreements to lease, following which it would become entitled to a 95-year lease, renewable for a further 95 years. Possession of the plots was handed over on 25.09.2020, subject to execution of the lease agreements within 60 days, and MIDC supplied a draft lease agreement on 19.10.2020.
