NCLAT asks for proceeds from sale of Jet Airways aircraft to be kept in escrow pending resolution of Mumbai airport dues
The National Company Law Appellate Tribunal (NCLAT) on Thursday directed the Jet Airways liquidator to keep the proceeds from the sale of three grounded Boeing 777-300ER aircraft to Malta-based Ace Aviation in an escrow account until a dispute over dues payable to Mumbai International Airport Ltd (MIAL) is resolved.
The bench, led by Justice N. Seshasayee (Judicial Member) and Barun Mitra (Technical Member), asked the National Company Law Tribunal Mumbai to decide the matter regarding MIAL’s airport dues, while granting lenders and the liquidator the liberty to approach NCLT or NCLAT for any clarification.
