Aircraft Dues
NCLAT asks NCLT to rule who will pay dues for parked aircraft of Jet Airways
This story was originally published at 19:52 IST on 4 December 2024
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NEW DELHI – The National Company Law Appellate Tribunal on Wednesday directed the Mumbai bench of the National Company Law Tribunal to decide as to who will pay the dues from 2019 to Mumbai International Airport Ltd. for parked aircraft of Jet Airways (India) Ltd. The appellate tribunal said in view of the Supreme Court directing the liquidation of Jet Airways, the tribunal needs to take a re-look on the application filed by Ace Aviation VIII Ltd.
Ace Aviation moved the Mumbai tribunal earlier this year to implement the sale of three aircraft of Jet Airways to them. The three aircraft have been parked at Mumbai International Airport since 2019, resulting in significant airport dues and parking charges owed to the airport. The total outstanding dues to Mumbai International Airport was INR 6.6 billion.
The Mumbai tribunal on Oct. 7 held that Ace Aviation could not be held liable for any aircraft parking dues for the aircraft it wished to purchase. Challenging this order, Mumbai International Airport moved the appellate tribunal. On Wednesday, Ace Aviation said that Mumbai International Airport's dues must be borne from the proceeds of liquidation and it was not liable to pay them.
Jet Airways has been grounded since 2019 after it filed for bankruptcy amid piling debt. In the insolvency process, the Jalan-Kalrock consortium emerged as the winning bidder to take over the airline in 2021. However, the Supreme Court directed the liquidation of the airline after the consortium failed to bring in the promised funds. End
Reported by Surya Tripathi
Edited by Saji George Titus
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