Jet Airways' Rs 500 cr liquidator plea rejected
The National Company Law Tribunal (NCLT) has rejected the request from Jet Airways' liquidator to recoup a sum of Rs 500 crore from Boeing, the global aerospace manufacturer. The tribunal dismissed the plea on the grounds that the issue is a contractual dispute that requires a more detailed investigation and evidence presentation, and thus cannot be resolved by the NCLT under the Insolvency and Bankruptcy Code (IBC).
The tribunal emphasized that only questions of insolvency process should be decided under Section 60(5) of the IBC. Boeing had not delivered any aircraft under the agreements, leading to the liquidator's claim for refund of USD 92.13 million in advance payments made for aircraft that were never delivered.
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