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TMI Blog2020 (10) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... ng reliefs: a) That Para 11 of the order dated 11th June, 2020 passed in IA No. 998 of 2019 be modified to limited extent by adding a sentence "some part of sale proceeds be distributed towards the employees of the Corporate Debtor"; b) That some reasonable amount, which this Hon'ble Tribunal thinks fit, be released to the employees of the Jet Airway; c) Any further order be passed in favour of the Applicant." 2. The Applicants submit that they are employees of Jet Airways (India) Limited, the Corporate Debtor against whom Corporate Insolvency Resolution Process ("CIRP") was ordered by this Tribunal on 20/06/2019. 3. The Applicants submit that in response to the invitation of claims from the creditors by the Resolution Professional ("RP") the members of the Applicants' Associations filed claims before the Resolution Professional and the said claims are pending. 4. The Applicants submit that they have not received their salary from March, 2019 and by October, 2019 the members of the Applicants' Associations started feeling the financial crunch. 5. It is submitted that since the Resolution Process was going on and the RP is treating the Jet Airways as going concern, cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... salaries are unpaid for more than 15 months. 11. The Applicants refer the Order passed by this Tribunal on 08/01/2020 in M.A. No. 3574 of 2019, wherein it was observed as below: "List MA 2360/2019 and MA 2650/2019 on 31.1.2020. Heard the Resolution Professional. It has been submitted that there are about two companies who evinced some interest in taking over the Corporate Debtor. Apart from that, before the deadline is complete, some more people might show interest and come forward. The deadline fixed for the submission of the Resolution Plan is 17/02/2020. It has also been brought to our notice that the members of the CoC have not complied with our earlier orders and have not released any amounts to enable RP to carry out the CIRP process. In view of the same, we again reiterate and instruct the constituents of CoC to forthwith release the amounts as required by the RP, so that the process of CIRP can be complete and the asset value is protected. Any lapse on the part of the CoC in funding the CIRP process would result in depletion of the value of the assets and as a result of which the very object for which the entire process is being carried out would be vitiated. It is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w: a) R1 got the permission of this Bench to sell the non-core asset of the Corporate Debtor, viz. building at Plot No. C-68, "G" Block, Bandra-Kurla Complex, C.T.S. No. 4207 of Village Kole Kalyan, Taluka Andheri, Mumbai Suburban District ("Premises"), in order to make payment of USD 13 Million to US Exim Bank so that six Aircrafts worth around USD 100-120 Million can be released by the US Exim Bank for utilisation by the Corporate Debtor. Since there was no other source of finance for making payment to US Exim Bank, the CoC decided to sell this property and accordingly permission of NCLT Principal Bench was obtained by an order dated 11/06/2020 in IA No. 998/2019. CoC passed Resolution with 89.66% voting to exclude the above said premises as non-core assets, to be carved out separately such that it would not form part of the estate of the Corporate Debtor. The R3 had a security interest in the above said premises for the loan advanced of Rs. 400 Crores to the Corporate Debtor. The CoC in the meeting held on 24/04/2020 resolved that 2 floors of the premises i.e. 3rd and 4th floor along with proportionate parking place would be sold for Rs. 490 Crores to raise the fund for settli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs CoC approved the sale transaction of the premises and distribution of proceeds with the majority of 74.45% of the members present and voting. d) After the approval by the CoC, the above referred Application No. 998 of 2019 was filed before NCLT Principal Bench and the same was ordered by this Tribunal on 11/06/2020 approving the proposed arrangement for sale of 3rd and 4th floor of the premises. e) It is submitted that under Section 25(1) of the Code and Regulation 29 of CIRP Regulation, R1 is duty bound to take necessary steps to protect Corporate Debtor's title to the Aircrafts which are of substantial value by payment of USD 13 Million. f) It is submitted by R1 that the property of the Corporate Debtor i.e. 3rd and 4th floor of the premises was sold through E-auction process and the sale was concluded on 13/07/2020 after remittance of funds due to Corporate Debtor and R3. After the payment of the dues to US Exim Bank in terms of agreement between R3 and US Exim Bank, RP initiated steps for making application to the Directorate of Civil Aviation for getting the Aircrafts registered in the name of the Corporate Debtor. 15. R2 also filed reply to the Application on si ..... X X X X Extracts X X X X X X X X Extracts X X X X
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