Implementation of Jet Airways Resolution Plan subject to outcome of appeals against approval: NCLAT

The National Company Law Appellate Tribunal (NCLAT) will hear on July 5 a host of appeals filed against an order passed by the National Company Law Tribunal (NCLT) last year approving the resolution plan for Jet Airways..The Bench headed by NCLAT Chairperson Justice Ashok Bhushan clarified in the order,"We fix these Appeals on 05th July, 2022 at 02:00 pm and make it clear that implementation resolution plan shall abide by the result of these Appeals.".Appearing for the Jalan-Kalrock Consortium - the successful resolution applicant - Senior Advocate Krishnendu Datta assured the Tribunal that his client would withhold the Bandra Kurla Complex (BKC) property and that no steps would be taken towards alienation of the same till the next date. Canadian investment fund Brookfield Asset Management had in 2020 won the bid to acquire two floors of the BKC office space of the grounded airline for ₹490 crore..One of the appeals before the Tribunal was filed by the Association of Aggrieved Workmen of Jet Airways (India) Limited, which challenged the time period of implementation of the resolution plan as well as the non-consideration of the statutory dues of workmen and employees, including those pertaining to gratuity, provident fund, etc. The Association also challenged the figures of workmen dues (about ₹100 crore) stated in the resolution plan.The Tribunal was informed today that the effective date for implementation of the resolution plan was May 28. In this light, it was apprehended that if the plan is implemented, the workers' claims may not be met by the Consortium..The Principal Commissioner Income Tax Central-3 Mumbai was also allowed to intervene in the appeals after Additional Solicitor General Balbir Singh drew the NCLAT's attention to Supreme Court orders allowing the same..The workmen's association was represented by Senior Advocate Siddharth Bhatnagar along with Advocates Aditya Sidhra, Swarnendu Chatterjee and Yashwardhan Singh.Senior Advocate Arun Kathpalia, along with Advocates Rohan Rajadhyaksha, Aditi Bhansali, Nishant Upadhyay, Madhur Arora, Dhiraj Kumar Totala, Trisha Sarkar and Tanya Chib appeared for Jet Airways and the Resolution Professional..[Read order]