Ace aviation moves NCLT over difficulties in purchasing Jet Airways aircraft despite SC order
The National Company Law Tribunal (NCLT) in Mumbai, on May 2, took action in response to a complaint filed by Malta-based Ace Aviation against the monitoring committee of Jet Airways, which is currently grounded. Ace Aviation expressed difficulties in purchasing three aircraft from Jet Airways, despite a Supreme Court ruling in its favor.
The NCLT directed the monitoring committee, consisting of representatives from financial creditors (such as banks and lenders), the successful bidder (JKC), and the former resolution professional of Jet Airways, to file a response to the plea. The case has been scheduled for a hearing on May 17.
According to the plea, accessed by Moneycontrol, Ace is compelled to file the plea owing to the monitoring committee’s delayed and non-co-operative actions regarding the sale of certain aircraft of Jet Airways.
The process of sale of three aircraft for Rs 400 crore was put on hold in November 2022 owing to a deadlock in the monitoring committee comprising representatives of the financial creditors, the successful resolution applicant (JKC) and the resolution professional. It emerged that while the airline’s lenders were agreeable to the sale of the aircraft, the consortium and the erstwhile workmen were opposed to it.