The case dates back to the insolvency proceedings of Jet Airways, which commenced in 2019. During these proceedings, various assets, including aircraft, were put up for sale to repay creditors. Ace Aviation, a lessor, claimed ownership of some of these aircraft and argued that they should not be included in the sale as they were leased to Jet Airways.
Ace Aviation contended that the sale of these aircraft would infringe upon their rights as lessors and potentially disrupt their business operations. They argued that the aircraft were subject to existing lease agreements that should be honored, and any sale should consider the interests of lessors.
The NCLAT’s decision to grant an adjournment gives Ace Aviation more time to present their case and seek clarity on the status of the aircraft in question. This development could have significant implications for the ongoing insolvency proceedings and the distribution of funds to creditors.
Source:- the times of India
The case highlights the complexities and legal challenges that often arise during insolvency proceedings, especially in the aviation industry, where aircraft leasing agreements can be intricate and involve multiple parties.
Source:-hindustan times
As the legal battle continues, stakeholders, including creditors, lessors, and the resolution professionals overseeing Jet Airways’ insolvency, will be closely monitoring the proceedings. The outcome of this case could set important precedents for future insolvency cases involving leased assets and could impact how such disputes are resolved in India’s corporate insolvency landscape.
In conclusion, Ace Aviation’s adjournment from NCLAT represents a significant development in the ongoing Jet Airways insolvency saga, with potential ramifications for the aviation industry and the resolution of complex insolvency cases in India
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