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Judgment
ORDER
MA 3387/2019
Mr. Singhavi, Ld. Sr. Advocate for the Applicant and Mr. Rohan Rajadhyaksha, Advocate for the Respondent (Resolution Professional-RP) are present. This is an Application on behalf of the Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA), praying to pass an order directing the Respondent (RP) to file Affidavit unambiguously stating exactly what settlement is arrived at with 98 employees, listed in exhibit “A”, what payments were made to them and why the said payments were made and also to unambiguously state whether or not he intends to settle the claims of the Applicant/employees out of the CIRP cost during the Resolution Process.
Admittedly, RP is no more looking after the affairs of the Jet Airways; currently the affairs are being managed by the Monitoring Committee (MC). Thus, the MC is directed to look into the prayer regarding certain payments which is subject matter in the Application and take appropriate view on merits.
Accordingly, MA is allowed and disposed of in above terms.
MA 3412/2019
None for the Applicant. List this matter on 16.03.2022 for further consideration and hearing.
MA 4018/2019
Mr. Rohan Rajadhyaksha, Advocate for the Applicant is present. List this matter on 16.03.2022 for further consideration and hearing.
IA 2906/2021
Mr. Ravi Kadam, Ld. Sr. Advocate for the Applicant and Mr. Janak Dwarkadas, Ld. Sr. Advocate for the Respondent (erstwhile Committee of Creditors – CoC) are present. Heard the Ld. Advocates for the parties. This Application is filed praying for the following reliefs: -
(a)Allow the Application;
(b)Permit the Successful RA to infuse the required funds and take control of the Corporate Debtor so that the approved Resolution Plan can be implemented from 22 December 2021 i.e., the Effective Date;
(c)Pass necessary directions to the MC to do all such acts, deeds and things, including without limitation, pass the necessary resolutions and share relevant bank account details, to enable the Successful RA to take control of the Corporate Debtor on 22 December 2021 by infusing required funds and effect change in the shareholding of the Corporate Debtor and to commence implementation of the approved Resolution Plan (including payments to creditors) as per the Plan Approval Order;
(d)Pass such further or alternative directions as this Hon’ble Adjudicating Authority may deem fit to ensure the ongoing revival process of the Corporate Debtor undertaken by the Successful RA is not delayed, curtailed or comes to a standstill as the intent of the Successful RA is to revive the Corporate Debtor in the spirit of the Code.
(e)Pass any other such order(s) as this Hon’ble Adjudicating Authority may deem fit and proper in the facts and circumstances of this case.
Sh. Janak Dwarkadas, Ld. Sr. Advocate appeared on behalf of CoC and stated that he had no objection if effective date is extended till 22.03.2022.
This Application was earlier heard on 22.12.2021 and keeping in view the terms and conditions of Resolution Plan approved on 22.06.2021, following order is passed:
The effective date is extended till 22.03.2022; the earlier approval was upto 22.12.2021 in terms of our order dated 29.09.2021. This is within the terms and conditions of approved Resolution Plan wherein it was stated that the effective date will be maximum 270 days (i.e. upto 22.03.2022) after the approval of the Resolution Plan on 22.06.2021.
All other terms and conditions of Resolution Plan approved on 22.06.2021 will continue as it is as not altered in any manner, more particularly the requirement of “Conditions Precedent” as referred therein.
The interim order dated 22.12.2021 in this Application shall be part and pared of this order.
Accordingly, IA 2906/2021 is allowed and disposed of in above terms.
IA 125/2022
Mr. Ravi Kadam, Ld. Sr. Advocate for the Applicant and Mr. Janak Dwarkadas, Ld. Sr. Advocate for the Respondent (erstwhile Committee of Creditors – CoC) are present. We have observed that the Hard Copies have not yet been submitted. Applicant is directed to submit two sets of Hard Copies of this Application well before the next date of hearing. Accordingly, list this Application on 03.03.2022. Respondent seeks time to file Affidavit in Reply. Time is granted. Respondent may file Affidavit in Reply well before the adjourned date by duly serving copy to the other side.
IAs 253, 514, 1158, 1162, 1741, 2039, 2115, 2268, 2274, 2301, 2305, 2480/2020, IAs 342, 434, 615, 642, 690, 764, 984, 1486, 1871 &
1925/2021
During the course of hearing, a list of other cases involving Jet airways was submitted by representative of Resolution Professional showing the cases under different categories including intervention applications, applications by employees etc, some of which were listed today and some were not listed; the RP to share the list with Monitoring Committee (MC) to take the same forward in most effective manner as the Adjudicating Authority (AA) had already approved the Resolution Plan. Needless to state that the MC shall submit its progress report with regard to decisions if any taken on pending issues well before the next date of hearing. List all these Applications on 16.03.2022 for further consideration and hearing.