The development comes nearly seven months after the Mumbai bench of the NCLT approved the resolution plan of the Jalan-Kalrock consortium.
The National Company Law Appellate Tribunal (NCLAT) on January 20 directed the Colour-Jalan consortium, the winning bidder for bankrupt Jet Airways, to share parts of the resolution plan related to employee claims with airline workers .
The aggrieved employees’ union of Jet Airways (India) Ltd had sought a copy of the approved resolution plan and the latest direction comes on a petition filed by the association.
The development comes nearly seven months after the Mumbai Bench of the National Company Law Tribunal (NCLT) approved the Jalan-Kalrock consortium’s resolution plan in June 2021.
A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan said that since the consortium’s resolution plan for the airline has already been approved by the NCLT, the plan is “no longer confidential” and a copy has to be provided to the aggrieved person. needed.
The Appellate Tribunal observed that applications were filed before the NCLT by several applicants including National Aviators Guild, Jet Aircraft Maintenance Engineers Welfare Association, Bhartiya Kamgar Sena, Jet Airways Cabin Crew Association etc., praying for a copy of the resolution plan which was rejected. Hereby on February 22, 2021.
“Thus, we are not inclined here to issue a direction to the appellant to provide the entire resolution plan. However, we are fully satisfied that the appellant is entitled to the relevant part of the resolution plan relating to the workers’ claim and employees,” the NCLAT said. According to the NCLAT, the aggrieved workers’ union of Jet Airways (India) Ltd. has challenged the resolution plan of the Kalrock-Jalan consortium and is entitled to know its contents to effectively prosecute their appeal. Is.
The appellate tribunal directed that the part of the resolution plan which deals with the claims of workers and employees should be given to the association “within three weeks from today”.
“Thus, we direct that that part of the resolution plan which deals with the claim of workers and employees, shall be provided to the appellant by the successful resolution applicant – respondent No. 4 (Kalrock-Jalan Union) within a period of three weeks from today. should go.” Said it.
The NCLAT further said that after the approval of the resolution plan, it ceases to be a confidential document.
“Thus, we are of the view that the resolution plan after approval by the adjudicating authority is no longer a confidential document, so as to deny access to a claimant,” the appellate tribunal said.
However, it also states that a resolution plan cannot be made available to everyone and anyone who has no real claim or interest in the process.
“Access to the resolution plan on various grounds, even if it is not a confidential document, may be denied in appropriate and appropriate cases after approval,” it said.
In October 2020, the airline’s Committee of Creditors (CoC) approved the resolution plan submitted by a consortium of UK’s Colorrock Capital and UAE-based entrepreneur Murari Lal Jalan.
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