The Mumbai bench of the National Company Law Tribunal (NCLT) has dismissed the special resolution applicant’s (SRA) plea to treat Rs 350 cr as the Corporate Insolvency Resolution Process (CIRP) cost in the liquidation of Jet Airways.
In June 2021, the resolution plan submitted by the Jalan–Fritsch consortium was approved by the NCLT. The plan required the infusion of ₹350 crore as the first tranche payment and furnishing of a performance bank guarantee (PBG) of ₹150 crore. However, despite the effective date being fixed as 20 May 2022, the consortium failed to implement the plan.
The Supreme Court, in Civil Appeal Nos. 5023–5024 of 2024, observed:
“The SRA herein has failed to infuse the first…