Mumbai International Airport Limited (MIAL), owned by the Adani Group, has filed an application with the National Company Law Tribunal (NCLT) in Mumbai, seeking clarity on the sale of three grounded aircraft formerly owned by Jet Airways. The aircraft were sold to Ace Aviation during Jet Airways’ liquidation process, but MIAL has raised concerns regarding the legal validity of the transaction, prompting the tribunal’s intervention.
The NCLT has agreed to hear MIAL’s application, scheduling the proceedings for 14 January. The hearing aims to determine whether the sale aligns with the rules governing Jet Airways’ liquidation and if the transaction can legally proceed. This move highlights the complexities involved in resolving the liquidation of the once-thriving airline, which ceased operations in 2019 and has been undergoing insolvency proceedings since then.
To ensure transparency and compliance, the NCLT has also instructed all involved parties to complete and formalize the required documentation related to the sale. This directive is intended to provide a clear record of the transaction and address any procedural gaps or legal ambiguities that may have arisen during the liquidation process.
The dispute underscores the challenges faced by stakeholders in the Jet Airways insolvency case. With multiple claims on the airline’s assets, including grounded aircraft, airport slots, and real estate, navigating the legal framework has been a daunting task. MIAL’s concerns likely stem from its position as a key stakeholder with financial interests linked to the airline’s unpaid dues and operational commitments.
Jet Airways, once a dominant player in India’s aviation sector, has been at the center of a drawn-out insolvency and restructuring process. The sale of its grounded aircraft is a critical step in recovering funds for creditors, but it has also become a flashpoint for disputes between various parties. The NCLT’s decision in January will play a crucial role in determining the way forward, potentially setting a precedent for similar cases in the future.
This case highlights the broader challenges of India’s insolvency framework when dealing with the aviation sector, where assets are intertwined with regulatory permissions, operational licenses, and financial claims. For stakeholders like MIAL, clarity on the sale is essential not only for resolving Jet Airways’ liquidation but also for ensuring that similar transactions in the future are free from legal ambiguity. The outcome of the January hearing is expected to bring much-needed direction to the ongoing resolution efforts.
