2024 Supreme(SC) 60
D. Y. CHANDRACHUD, J. B. PARDIWALA, MANOJ MISRA
State Bank of India – Appellant
Versus
Consortium of Mr Murari Lal Jalan and Mr Florian Fritsch – Respondent
Advocates appeared:
For Appellant(s) Mr. Vikas Mehta, Adv.
For the CA 3892/23 : Mr. Mayan Prasad, Adv. Ms. Anshula Vijay Kumar Grover, AOR Ms. Rashi Rampal, Adv. Ms. Nitika Grover, Adv. Mr. Sahil Khan, Adv.
For the CA 3736-37/23, 4131-34, 6427-28/23: Mr. Tushar Mehta, Solicitor General Mr. N. Venkataraman, A.S.G. Mr. Sanjay Kapur, AOR Mr. Devesh Dubey, Adv. Ms. Isha Virmani, Adv. Ms. Mahima Kapur, Adv. Ms. Mansi Kapur, Adv. Mrs. Shubhra Kapur, Adv.
For the CA D 27067/23 : Mr. Mukul Rohatgi, Sr. Adv. Mr. Krishnendu Datta, Sr. Adv. Mr. Aashish Vats, Adv. Mr. Harish Nadda, Adv. Mr. Kumar Shashank, Adv. Mr. Anant Singh, Adv. Ms. Srishty Kaul, AOR Mr. Rajat Sinha, Adv.
For the Respondent(s): Mr. Mukul Rohatgi, Sr. Adv. Mr. Krishnendu Datta, Sr. Adv. Mr. Saurabh Kripal, Sr. Adv. Ms. Pooja Mahajan, Adv. Ms. Arveena Sharma, Adv. Ms. Shruti Pandey, Adv. Mr. Aashish Vats, Adv. Mr. Rajat Sinha, Adv. Mr. Avinash B. Amarnath, AOR Mr. Amit Sibal, Sr. Adv. Mr. Raghav Shankar, Adv. Mr. Rajendra Barot, Adv. Mr. Dhirajkumar Totala, Adv. Mr. Suharsh Sinha, Adv. Ms. Liz Mathew, AOR Mr. Nishant Upadhyay, Adv. Mr. Vinay Tripathi, Adv. Mr. Mayank Bhargava, Adv. Mr. Darpan Sachdeva, Adv. Mr. Mehul Bachhawat, Adv. Mr. Ankit Pal, Adv. Ms. Mallika Agarwal, Adv. Mr. Nisarg Bharadwaj, Adv. Mr. Sanjay Singhvi, Sr. Adv. Ms. Rohini Thyagarajan, Adv. Mr. Shakti Vardhan, Adv. Ms. Amiy Shukla, AOR Mr. Pawanshree Agrawal, AOR Ms. Shubhangi Negi, Adv. Mr. R. Venkataramani, Attorney General for India Ms. Ekta Choudhary, AOR Mr. Divyank Dutt Dwivedi, Adv. Ms. Aditi Sharma, Adv. Mr. Tushar Mehta, Solicitor General Mr. N. Venkataraman, A.S.G. Mr. Sanjay Kapur, AOR Mr. Devesh Dubey, Adv. Ms. Mahima Kapur, Adv. Mrs. Shubhra Kapur, Adv. Mr. Ritin Rai, Sr. Adv. Ms. Petrushka Dasgupta, Adv. Mr. Mridul Yadav, Adv. Ms. Tahira Kathpalia, Adv. Ms. Pallavi Pratap, AOR
JUDGMENT :
Dhananjaya Y Chandrachud, CJI.
1. This batch of appeals arises from three orders of the National Company Law Appellate Tribunal1[“NCLAT”]. A Resolution Plan was submitted under the Insolvency and Bankruptcy Code, 20162[“IBC”] by a consortium of Murari Lal Jalan and Florian Fristch in respect of the Corporate Debtor (Jet Airways Limited). The Plan was voted upon and approved by the Committee of Creditors on 17 October 2020. The Resolution Professional then filed an application before the Adjudicating Authority to seek approval of the Resolution Plan. The Plan received the imprimatur of the Adjudicating Authority – the National Company Law Tribunal3[“NCLT”] - on 22 June 20214[“Plan Approval Order”].
2. Clause 7.6 of the Resolution Plan stipulates conditions for implementation. Clause 7.6.1 spells out the “conditions precedent”:
“7.6.1. Conditions Precedent -The obligation of the Resolution Applicant to re-commence operations as an aviation company, being the business proposed to be acquired is subject to the fulfilment of the following conditions after the Approval Date ("
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