Mumbai: The National Company Law Tribunal (NCLT), while hearing an application filed by Ace Aviation VIII Limited & Ors in the case of Jet Airways India, has rebuked Mumbai International Airport Limited (MIAL). The tribunal ruled that MIAL cannot enforce its lien over the three grounded aircraft, as the sale process is being conducted under an approved resolution plan.
About The Aircraft
The aircraft in question, parked at the airport since 2018, has been the subject of a legal dispute over unpaid dues. MIAL had claimed a significant sum in parking fees and related charges. However, the NCLT clarified that the sale of the aircraft, which includes Boeing 777 models, had already taken place as part of the resolution process.
Furthermore, the tribunal directed the respondents, including the corporate debtor and the monitoring committee of the corporate debtor, to submit a detailed timeline attributing any delay in executing the sale-purchase agreements. The matter is now set for further hearing on October 9.
About The Petition Filed By Ace Aviation
Ace Aviation had filed a petition to expedite the implementation of a previous NCLT order dated October 17, 2023, which upheld its position as the successful bidder. They sought directions for resuming the sale process, citing concerns over the depreciation and deteriorating condition of the aircraft. The applicants also requested that MIAL’s dues be settled through an escrow mechanism to prevent further delays.
During the hearing, the applicants emphasised that the aircraft had been sold on an “as is where is” basis. MIAL, however, contested the application, arguing that the resolution plan is under challenge before the Supreme Court and that the sale should be delayed until the matter is adjudicated.
The NCLT, referring to a December 2023 order by the National Company Law Appellate Tribunal, rejected MIAL’s arguments, stating that the sale process should not be hindered by pending appeals. The tribunal noted that the sale must proceed without preconditions, with MIAL’s claims to be resolved as per the approved resolution plan.
