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Informist, Thursday, Mar. 19, 2026

 

NEW DELHI – The National Company Law Appellate Tribunal Thursday issued notices to Jet Airways (India) Ltd.'s liquidator and its lenders on a plea by Mumbai International Airport Ltd. to include airport dues from the airline in the period 2021 to 2024 as corporate insolvency resolution process cost for its priority payment. Observing that the issue needs consideration, the appellate tribunal listed Mumbai International Airport's case for hearing on Apr. 24.

 

The appellate tribunal noted that it had on Mar. 10 passed an order to protect the interests of the lenders and workmen of Jet Airways in cross appeals filed regarding their claims. On Mar. 10, the appellate tribunal had said that the amount received in the liquidation process would be kept in an interest bearing account by State Bank of India, the financial creditor of the airline, which would be distributed as per the leave granted by the court. The appellate tribunal said no separate order was needed in view of its Mar. 10 order.

 

Mumbai International Airport, managed by Adani Airport Holdings Ltd., had challenged an order of the Mumbai bench of the National Company Law Tribunal holding that the airport dues from the period when a resolution plan was accepted for Jet Airways in 2021 and its liquidation was ordered in 2024 would be treated as operational costs, which were lower in priority for payment. Further, the Mumbai tribunal had said that Mumbai International Airport would be treated as an unsecured creditor in relation to its claims, other than what was admitted as corporate insolvency resolution process costs.

 

Mumbai International Airport had claimed dues of INR 8.62 billion for parking, hangar and related charges from the airline. However, the liquidator had only admitted a total claim of INR 5.11 billion and rejected the balance amount of INR 3.51 billion. 

 

Jet Airways has been grounded since 2019 after the Mumbai tribunal admitted State Bank of India's insolvency petition against the company. In the insolvency process, the consortium of United Arab Emirates-based entrepreneur Murari Lal Jalan and European investor Florian Fritsch emerged as the winning bidder to take over the airline in 2021.

 

Thereafter, there were multiple rounds of litigation across various fora over the consortium's failure to release money on time and to get necessary permissions from the civil aviation authorities to revive the airline. While the consortium had insisted it was in a position to implement the revival plan, the lenders had termed its claim a "fantasy". In November 2024, the Supreme Court had ordered the liquidation of Jet Airways after the consortium failed to implement the resolution plan.

 

Since Jet Airways was ordered into liquidation, its shares have been delisted. Adani Airport Holdings is a wholly-owned subsidiary of Adani Enterprises Ltd. At 1149 IST, shares of State Bank of India were down 1.9% at INR 1,049.80 on the National Stock Exchange, and shares of Adani Enterprises Ltd. were down 2.9% at INR 1,948.20.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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