The NCLT bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that the competing claims required examination of the purchase agreements and could not be adjudicated under Section 60(5) of the Insolvency and Bankruptcy Code.
It noted that neither party had produced the agreements, citing confidentiality.
“These questions require evaluation of Agreements between the Parties, leading of evidence by the Parties and a full-fledged Trial,” the NCLT observed.
It held that the contractual dispute was independent of the insolvency process. It consequently dismissed the refund application without deciding whether Boeing was entitled to forfeit or adjust the advance payments.
Jet Airways liquidator has now…