NCLT Rejects Jet Air Liquidator's Plea for $92M Refund from Boeing

The National Company Law Tribunal (NCLT) has rejected Jet Airways' liquidator's plea for a $92-million refund from Boeing Company. The dispute revolves around advance payments made by Jet Airways to Boeing towards aircraft procurement.

The tribunal ruled that the claim cannot be resolved through the insolvency process without testing and crystallizing the purchase agreements between the parties.

Jet Airways had entered into a purchase agreement with Boeing in 2013 for Boeing Model 737-8 Aircraft and Boeing 787-9 Aircraft, depositing $92 million as advance payment. However, the airline was unable to pay certain amounts due to difficulties, prompting Boeing to issue a notice of suspension in 2019.

The tribunal stated that questions regarding set-off and the refund of advance payments require evaluation of agreements between the parties and cannot be resolved through the insolvency process.