State Bank of India Vs Jet Airways India (NCLT Mumbai)
Conclusion: National Company Law Tribunal appointed Mr. Satish Kumar Gupta as Liquidator of Jet Airways India Limited since, the Respondents were admittedly in gross violation of the approved Resolution Plan, and in any case, were admittedly unable to abide by the said Resolution Plan.
Held: Applicant-State Bank Of India had filed application for fixing liquidator under section 60(5) & 7 of the Insolvency and Bankruptcy Code, 2016. The matter was for taking on record the Consent of the Liquidator to be appointed in the case of the Corporate Debtor, viz. Jet Airways India Limited, in view of the order passed by the Supreme Court. Since the Resolution Plan was duly approved by the NCLAT and there being no progress worth the name, there was no other option but to invoke our jurisdiction under Article 142 of the Constitution and direct that the Corporate Debtor be taken in Liquidation. NCLT, Mumbai should now take appropriate steps for appointment of liquidator and all other necessary formalities for commencement of liquidation of the corporate debtor. State Bank of India that Mr. Satish Kumar Gupta, had given his written consent to act as the Liquidator of the Corporate Debtor, viz. Jet Airways India Limited. The Corporate Debtor, Jet Airways India Limited, should be liquidated in the manner as laid down in Chapter-III of the Insolvency and Bankruptcy Code, 2016. Mr. Satish Kumar Gupta, having Registration No. IBBI/IPA001/IP-P00023/2016-17/10056 was appointed as Liquidator of Jet Airways India Limited. It was held that liquidator should issue public announcement stating that Corporate Debtor was in liquidation. The Liquidator should endeavour to sale the Company as a going concern during the liquidation in terms of Regulation 32A of the Liquidation Process Regulations. In case he was not able to do so within a period of 90 days from this date, he shall proceed in accordance with clauses (a) to (d) of Regulation 32 of the Liquidation Process Regulations. Interlocutory Application was allowed that Jet Airways (India) Pvt. Ltd. should be liquidated, since, the Respondents were admittedly in gross violation of the approved Resolution Plan, and in any case, were admittedly unable to abide by the said Resolution Plan.
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