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NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Comp. App. (AT) (Ins) No. 1257 of 2026 IN THE MATTER OF:

Aman Monga & Anr. …Appellant(s)

Versus The Liquidator of Jet Airways (India) Ltd. & Ors. …Respondent(s)

Present:

For Appellant : Ms. Sharmistha Choudhury, Mr. Shiv Prakash Pandey, Advocates.

For Respondents : Mr. Raghav Chadha, Mr. Dhiraj Kumar Totala, Mr.

Nishant Upadhyay, Ms. Vasudha Jain, Mr. Mayank Jain, Advocates for R-1/liquidator.

Mr. Ritin Rai, Sr. Advocate with Ms. Petruskha Dasgupta, Mr. Raghav Mittal, Advocates for R-4 to 6.

Ms. Brideepa Bhattacharya, Mr. Mehul Kumar, Ms. Anushka Chauhan, Ms. Ilina Peehu, Mr. Chaitley Sharma, Advocates for R-7/SBI.

O R D E R

(Hybrid Mode)

[Per: Justice Mohd. Faiz Alam Khan, Member (Judicial)]

Instant appeal has been preferred by the appellants claiming themselves to be the former employees of Jet Airways (India) Limited (corporate debtor) against the impugned order dated 22/04/2026 passed by the National Company Law Tribunal, Mumbai (Adjudicating Authority), in IA No. 1604 of 2026 in CP (IB) No. 2205/MB/2019, whereby the application preferred by the appellants has been dismissed.

2. The facts as are reflected from the appeal filed by the appellants are in terms that, vide order dated 20.06.2019 passed by the Ld. Adjudicating Authority under Section 7 of the Insolvency and Bankruptcy Code, 2016, the insolvency process was initiated against Jet Airways (India) Limited. The Interim Resolution Professional was appointed under Section 16 of the Code, and thereafter was confirmed as RP under Section 22 of the Code.

3. It is further stated in the appeal that during the CIRP period, the CD had owned five aircrafts, including a Boeing 777 aircraft, constituting valuable assets of the corporate debtor. During the insolvency process, the claims of financial creditors, operational creditors and employees were duly collated and admitted, and the resolution plans were invited in accordance with the provisions of the code. The Adjudicating Authority, by order dated 22/6/2021, approved the resolution plan submitted by the Jalan Fritsch Consortium in respect of Jet Airways India Limited and simultaneously directed the constitution of a Monitoring Committee comprising of representatives of financial creditors, successful resolution applicants, including representatives of State Bank of India, Punjab National Bank and other stakeholders.

4. During the process of insolvency, a decision was taken for the sale of certain aircraft assets belonging to the CD, which include Boeing 777- 300ER aircraft, and accordingly the letters of intent are stated to have been issued on 12/10/2022 in favor of entities belonging to the Ace Aviation Group for the proposed sale of certain aircraft assets, including Boeing 777- 300ER aircraft belonging to the corporate debtor. Respondents No. 3, 4, and 5 were declared successful bidders in respect of the aircraft in question, and a process relating to the sale of aircraft assets was initiated during the monitoring committee period. However, the transaction was never completed, as no sale deed was executed and no transfer of title took place.

5. It is further stated that by order dated 17-10-2023, the National Company Law Tribunal directed that the sale process be resumed and completed. That order was affirmed by the Hon'ble Supreme Court on 07.03.2024. However, despite the orders of the Hon'ble Supreme Court, the successful bidder failed to deposit the balance sale consideration within the stipulated period.

6. It is further stated that on 7th November 2024, the Hon’ble Supreme Court directed the liquidation of Jet Airways (India) Limited under Section 33 of the Code, thereby triggering the statutory liquidation framework. On 26^th November 2024, the liquidation proceedings were commenced and liquidator was appointed. All assets of the corporate debtor, including aircraft assets, formed part of the liquidation estate under Section 36 of th