Ace Aviation gets adjournment from NCLAT in Jet Airways aircraft sale matter
Ace Aviation VIII Ltd, on Wednesday, was successful in securing an adjournment from the National Company Law Appellate Tribunal (NCLAT) in its petition filed against the monitoring committee of Jet Airways for enforcing the sale of three aircraft.
The senior counsel appearing on behalf of Ace Aviation argued that the matter be taken up after the pronouncement of the National Company Law Tribunal Mumbai order, which was reserved on August 30.
The senior counsel said that withdrawing the current petition or terming it as infructuous, as proposed by the other side, would limit the bidder's options.
At the last hearing on August 10, the chairperson's bench had refused to issue notice and adjourned the matter to September 6, as the NCLT was to pronounce its order on August 30.
The matter was heard by a different bench today, which adjourned it to September 27.
Ace Aviation had approached the appellate tribunal after the NCLT Mumbai had given an interim order asking the monitoring committee to break the deadlock on the sale of three aircraft.
The monitoring committee of the beleaguered airline had kept the bidding process in abeyance after it could not all members to agree on the sale.
The committee comprises a resolution professional and three members each from the financial creditors and resolution applicant.
Ace Aviation has argued that it has already paid Rs 50 crore and was to pay another Rs 350 crore to secure the three aircraft and that the asset's value was depreciating owing to the deadlock in the monitoring committee.
The resolution applicant in this case is Jalan Kalrock Consortium, which has been embroiled in legal tussles with the airline’s committee of creditors for restarting business.
The JKC, in another matter
