JUDGMENT

(21^st October, 2022)

Ashok Bhushan, J.

1. This Appeal has been filed by the Appellant challenging the order dated 22.06.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai in IA No. 2081 of 2020 in CP (IB) No. 2205/MB/2019.

2. The Corporate Debtor - Jet Airways (India) Limited has been in airline operation since 1993. Due to various reasons Jet Airways (India) Limited stopped its operation on 17.04. 2019. An Application under Section 7 was filed by State Bank of India being CP (IB) No.2205/MB/2019, which Application was admitted by NCLT, Mumbai Bench vide order dated 22.06.2019. The Adjudicating Authority appointed Mr. Ashish Chhawachharia, as an Interim Resolution Professional (IRP), who was confirmed as Resolution Professional (RP) in the First Meeting of Committee of Creditors (CoC) dated 16.07.2019.

3. Public announcement was made on 24.07.2019. The first advertisement for calling of ‘Expression of Interest’ from prospective Resolution Applicant was issued on 20.07.2019. Expression of Interest was issued in four rounds and last on 13.07.2020. The Resolution Plan submitted by Jalan Fritesch Consortium was approved in the 17th CoC Meeting held on 03.10.2020.

4. A Contractual Agreement between the Appellant and the Corporate Debtor was entered into under which the Appellant had agreed to sell certain assets viz. Ground Power Units and Conventional Pushback Tractor belonging to the Appellant. The details pertaining to correspondences and the contract between the parties shall be noticed hereinafter. The Corporate Debtor paid 30% of the purchase price of the Appellant’s equipment. The Appellant wrote various e-mails and letters asking for balance payment. On 04.07.2019, the Appellant submitted its proof of claim in Form-B to the Resolution Professional for return of the Appellant’s equipment and for recovery of an amount of USD 78,910 for use of the Appellant’s equipment by the Corporate Debtor. The Resolution Professional rejected the claim of the Appellant vide e-mail dated 03.09.2019. The Appellant filed an M.A No. 3412 of 2019 wherein following prayers have been made:-

“10. On 4 July 2019, the Applicant submitted its proof of claim in Form B to the Resolution Professional for return of its Ground Power Units and Pushback Tractor and for recovery of an amount of USD 78,910 for use by the Corporate Debtor of the Applicant’s equipment. The Applicant’s advocate sent a letter to the Resolution Professional stating in brief the transaction between the Applicant and requesting the Resolution Professional to:

(a) refrain from including the Applicant’s Equipment in the list of assets of the Corporate Debtor;

(b) refrain from creating any third party rights in the Applicant’s Equipment;

(c) return the Applicant’s Equipment to the Applicant;

(d) pending the return of the Applicant’s Equipment, provide the necessary assistance to allow the Applicant access to the Applicant’s Equipment including the necessary entry pass to service and maintain the Applicant’s Equipment;

(e) provide your no objection and necessary assistance to return the Applicant’s Equipment to the Applicant from the Bengaluru, Chennai and New Delhi airports.”

5. M.A No. 3412 of 2019 was also replied by the Resolution Professional. On 09.03.2021, Appellant’s I.A was heard but was adjourned for further arguments. Before the Appellant’s Application could be further heard or any order passed, the Adjudicating Authority vide impugned order dated 22.06.2021 approved the Resolution Plan submitted by ‘Jalan Fritsch Consortium’. Aggrieved against the order impugned, this Appeal has been filed. In the Appeal, following relief has been claimed:-

(a) set aside/ quash the Impugned Order dated 22 June 2021 passed by the Hon’ble National Company Law Tribunal, Mumbai Bench, Mumbai in IA No. 2081 of 2020 in CP (IB) No.2205/MB/2019;

(b) direct the Respondents to remove the Appellant’s Equipment as set out in paragraph 7.8 of the present Appeal from