ORDER

1. This Application IA 1879/2026 is filed on 30.04.2026 by Industrial Asset Transaction Services Pvt. Ltd., (hereinafter referred as Applicant), who is unsuccessful bidder in an auction process, in the liquidation process of M/s Jet Airways Limited (“Corporate Debtor”) under section 60(5) of the Insolvency and Bankruptcy Code, 2016 Read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking following reliefs:-

a) This Hon'ble Tribunal be pleased to quash and set aside present auction sale conducted on 29^th March 2026 and further direct the Liquidator to conduct the sale after giving sufficient opportunity to the Applicant and/or any other bidder to inspect the asset proposed for auction as per industry standards; In strictly in alternate and without prejudice to prayer (a)

b) that this Hon'ble Tribunal be pleased to reject Interlocutory Application No.1707 of 2026 filed by Respondent Nos.2 and 3 seeking relief, concession and modification to the terms of sale;

c) This Hon'ble Tribunal be pleased to quash and set aside communication dated 24^th April 2026 issued by Liquidator;

d) That this Hon'ble Tribunal be pleased to order and direct the Respondent No. 1 to accept the Applicant's enhanced bid for Rs. 3,34,24,90,000/- (Three hundred and thirty-four crores twenty-four lakhs and ninety thousand only) and Rs. 2,83,93,00,000/- (Two hundred and eighty-three crores ninety lakhs only) for Asset IDs 3751 and 3753 respectively, and consequently confirm the sale of the said Asset IDs in favor of the Applicant on such terms and conditions as this Hon'ble Tribunal may deem fit and proper;

e) Pending the hearing and final disposal of the present Application, this Hon'ble Tribunal be pleased to direct the Respondent No.1 to not issue any sale certificate in favor of Respondent Nos. 2 and 3 for the Assets bearing Asset ID 3751 and 3753;

f) Pending the hearing and final disposal of the present Application, this Hon'ble Tribunal be pleased to direct the Respondent No.1 to maintain status quo in respect of the Assets bearing Asset ID 3751 and 3753;

g) Pending the hearing and final disposal of the present Application this Hon'ble Tribunal be pleased to stay further hearing of Interlocutory Application No.1707 of 2026 filed by Respondent Nos.2 and 3;

h) Ad interim relief in terms of Prayer (e) to (g) above;

i) This Hon'ble Tribunal be pleased to grant such other and further reliefs as this Hon'ble Tribunal may deem fit and proper in the interest of justice and equity.

2. The Applicant herein is an entity who had participated in an auction conducted by the Respondent No.1 herein, the Liquidator of Jet Airways (India) Ltd., in the liquidation process undergoing since 26th November 2024.

3. The Respondent No.1 had conducted the Auction of two Aircrafts of the Corporate Debtor on 29th March 2026, in which the Applicant had participated, wherein M/s Ace Aviation XIV Limited and M/s Ace Aviation XV Limited (impleaded as Respondent No. 2 and 3 herein) were declared successful bidder in the auction of two aircrafts, namely B777-300 ER Aircraft bearing MSN 35157 and MSN 35160, respectively together with four GE-90 Engines bearing ESN 906343, ESN 906363, ESN 906341 and ESN 906299, respectively (collectively referred to as the "Aircraft"), currently parked at Delhi International Airport Limited.

4. Being aggrieved by the manner in which auction was conducted and the manner in which now sale is being sought to be confirmed, the present Application is filed. The Applicant is also seeking appropriate directions to consider the revised bid of the Applicant and also for challenging subsequent relaxations, if any, granted to the successful bidder.

5. It is case of the applicant that the Applicant herein, though participated in the process of auction, however, such auction participation was on the basis of limited information and at a time which was not proper for conducting auction of this nature. However, as the liquidator had not acceded to the request