NCLT Rejects Jet Airways Liquidator's ₹500 Crore Plea Against Boeing
The National Company Law Tribunal (NCLT) has rejected Jet Airways' liquidator's plea seeking ₹500 crore from Boeing. The dispute involves a contractual issue over pre-delivery and advance payments, which requires detailed adjudication and evidence.
Jet Airways had entered into agreements with Boeing in 2013 for the purchase of two aircraft: the 737-8 and 787-9. The airline paid $92.13 million as advance/pre-delivery payments, but Boeing suspended the agreements in May 2019 due to payment delays.
Boeing later lodged a claim before the Resolution Professional for dues under the aircraft purchase agreement. After adjusting pre-delivery payments/advance amounts of about $92.13 million already received from Jet Airways, Boeing's claim was admitted at $721.19 crore, increasing to $873.78 crore due to currency fluctuations.
The NCLT observed that the disputed questions of fact and law require a full-fledged trial, rather than being decided by the tribunal under the Insolvency and Bankruptcy Code (IBC). The NCLT cited Section 60(5) of the IBC, which restricts its jurisdiction to issues arising out of the insolvency process.