Thursday, August 10, 2023

NCLAT refuses to issue notice in Ace Aviation case against Jet Airways

The National Company Law Appellate Tribunal Thursday refused to issue notice in the appeal filed by Ace Aviation to enforce the sale of three aircraft by Jet Airways.

The appellate tribunal told the counsel for Ace Aviation that they could not decide on the appeal before the other matter of ownership of the airline before the tribunal is not decided.

The counsel for Ace Aviation contended that the two matters were unrelated, and the resolution applicant, Jalan Kalrock Consortium, in its resolution plan, had stated that it had no intention to keep the existing aircraft.

Ace Aviation also informed the tribunal that it had already paid Rs 50 crore and was to pay another Rs 350 crore to secure the three aircraft. He further argued that the value of the asset was depreciating owing to the deadlock between lenders and the consortium.

“The resolution applicant cannot stall the sale process, which pertains to all stakeholders,” the counsel stated.

National Company Law Tribunal’s Mumbai bench had refused to entertain the plea of Ace Aviation to avoid a multiplicity of proceedings.

10/08/2023 Ishaan Gera/Economic Times

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