State Bank of India Vs. Jet Airways (India) Ltd. [CP(IB) 2205(MB)/2019] - Synopsis
Team SoOLEGAL 23 Mar 2021
In this case, State Bank of India Vs. Jet Airways (India) Ltd. [CP(IB) 2205(MB)/2019], Corporate Debtor and Fleet Ireland Aircraft lease 2007-B2 Limited had a leasing agreement between them for an aircraft with the registration number VT-JEW. This was an application filed by the Resolution Professional against a holder of Irrevocable De-registration and Export Requested Authorization (IDERA) who had requested that an aircraft be de-registered from the Respondents' aircraft registry. The purpose of pursuing de-registration was to reclaim ownership of the aircraft from the Corporate Debtor and use it to collect debts. The applicant had argued that the Respondent's proposed action violated the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code2016 and that this would result in the loss of valuable assets of the Corporate Debtor.

The Court was of the view that, according to the Aircraft Rules, 1937, if an application is filed by an IDERA holder, the DGCA is required to cancel the registration of the aircraft within 5 days without obtaining any permission or documentation from the operator of the aircraft. The Tribunal did not issue any orders but did give the Respondent an opportunity to present his case and scheduled the hearing for July 19, 2019. Until then, Respondent was ordered not to make any decision on the IDERA holder's application for de-registration of the Aircraft and to keep the status quo.

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