MUMBAI BENCH, COURT-I

2025 IN C.P. (IB) NO. 2205 (MB)

2019 Under section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016 In the matter of State Bank of India ….Financial Creditor Versus Jet Airways India Limited ....Corporate Debtor AND In the matter of Manoj Kumar Das & Ors.

….Applicants Versus

1. State bank of India

2. Jet Airways India Limited

3. MR. SATISH KUMAR GUPTA ….Respondents Order Pronounced on 04.02.2026 Coram:

Sh. Prabhat Kumar Sh. Sushil Mahadeorao Kochey Hon’ble Member (Technical) Hon’ble Member (Judicial)

Appearances:

For the Applicant : Ms. Ronita B (for IA 4627 OF 2025) Mr. M.P.

Sahay (for IA 3426 OF 2025)

For the Financial Creditor : Mr. Ravi Kadam, Adv. Ananya Bajpai a/w Adv.

Aman Patidar For the Liquidator : Adv. Malhar Zatakia a/w Adv. Vasudev Jain and Adv. Mayank Jain

ORDER

Background of the case :

1. These two Interlocutory Application(s) being I.A. No. 3426 of 2025 and I.A. No. 4627 of 2025 in C.P. (IB) NO. 2205 (MB) 2019 are filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ("Code") for seeking directions against the Liquidator (the Respondent herein), inter- alia for exclusion of Applicants’ statutory dues (Provident Fund and Gratuity) from the liquidation estate, in terms of Section 36(4)(a)(iii) of the Insolvency and Bankruptcy Code, 2016 and for other reliefs. Since, the main issue in both the application is same, both the applications are taken together for adjudication.

2. The Applicants in IA 3426 of 2025 are former workmen of corporate debtor and also former members of Jet Aircraft Maintenance Engineer’s Welfare Association (‘JAMEWA’), a registered trade Union who are seeking directions regarding the exclusion of their statutory dues such as Provident Fund (PF), Gratuity, and unpaid salary from the liquidation estate. The applicant has sought the following reliefs:

a. Take the present application on record and into consideration; and b. Direct the exclusion of Applicants’ statutory dues (Provident Fund and Gratuity) from the liquidation estate, in terms of Section

36(4)(a)(iii) of the Insolvency and Bankruptcy Code, 2016; and c. Direct that the Recovery Certificate issued by the Deputy Labor Commissioner for salary dues (January-March 2019) be honored and kept out of the liquidation estate; and d. Direct that 1,656 days (time spent in legal proceedings, in excess of

330 days) be excluded from the computation of the Liquidation Commencement date, and that 20.05.2020 be deemed the effective commencement date of liquidation and not 26.11.2024 for the purpose of determining 24 months’ dues under Section 53(1)(b) of the IBC.

3. The Applicant in IA 4627 of 2025 is Mr. Gopalkrishnan, a former Senior Executive of Jet Airways (India) Limited and claiming to be duly nominated representative of the workmen and employees in the Stakeholders’ Consultation Committee (“SCC”) constituted under the liquidation proceedings of the Corporate Debtor, and has filed the present Application seeking the following directions from this Tribunal:

a. A direction that Provident Fund and Gratuity dues fall outside the liquidation estate and must be paid in full, with statutory damages, penalties and interest, before any waterfall distribution under Section 53 IBC.

b. A direction to the Liquidator to ensure that no funds are distributed to any of the SCC members until the Provident Fund and gratuity dues of the workmen and employees are paid in full;

c. A direction to the Liquidator to bring on record what use has been attributed to the forfeited funds of Rs. 350 Crore;

4. The Corporate Insolvency Resolution Process (“CIRP”) commenced on

20.6.2019 in case of Jet Airways Limited, and thereafter, a resolution plan was approved on 22.06.2021, however, the SRA failed to implement the approved Resolution Plan, which led to liquidation of the Corporate Debtor in terms of order dated 26.11.2024 passed by this Tribunal pursuant to order dated 7.11.2024 passed in Civil