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2023 (12) TMI 1075 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI - LBApproval of Resolution Plan - HELD THAT:- Adjudicating Authority has directed that the proceeds from sale of the aircraft will be deposited in an escrow account and be utilized to discharge the payments to various stakeholders in accordance with the Resolution Plan. Aircraft is a depreciating asset and huge costs are being incurred for preservation and parking of the same. Appellant was trying to recover its dues de horse the Resolution Plan. Erstwhile Resolution Professional has complied with the NCLAT order and communicated the computation of dues of the workmen and employees to the Successful Resolution Applicant. The impugned order fully protects the interests of the Appellant since it has directed the amount proceeds from the sale to be kept in escrow account. Approval of the Resolution Plan - HELD THAT:- The Adjudicating Authority in the impugned order while considering the rival submission of the parties has come to the conclusion that the sale process with regard to which LoI was issued on 19.10.2022 had concluded in view of the performance on the part of the Ace Aviation. Submission of the Successful Resolution Applicant for re-bidding insofar as three aircrafts was concerned was not accepted. With regard to other two aircrafts whose process was halted on 11.11.2022, direction was issued to reinitiate the process and conclude the sale of aircrafts after considering the Ace Aviation as one of the eligible bidders. The Adjudicating Authority did not commit any error in directing to conclude the sale agreement of three aircrafts for which LoI was already issued - there are no good ground to interfere with the order passed by the Adjudicating Authority in IA No.3747 of 2022. The interests of the Successful Resolution Applicant are also protected since the Adjudicating Authority had directed that the proceeds of the sale of aircrafts is to be deposited in the escrow account and dealt with in accordance with the approved Resolution Plan - The order disposing is not an order which has any consequence on the manner of distribution of the sale of the aircrafts as observed by the Adjudicating Authority sale proceeds has to be distributed as per the Resolution Plan. Rights and contentions of the Successful Resolution Applicant are left open to be raised at the relevant time with regard to distribution of sale proceeds as and when occasion arises. Recovery of the PF and gratuity dues of the workmen and employees of the Corporate Debtor - HELD THAT:- The sale proceeds having been directed to be deposited in escrow account which has to be distributed in accordance with the approved Resolution Plan, the Appellants are fully protected the orders passed by the Adjudicating Authority in no manner affects the entitlement of the Appellant- ‘All India Jet Airways Officers and Staff Association’ to receive their dues under the Resolution Plan as per order of this Appellate Tribunal dated 21.10.2022. The Adjudicating Authority has not committed any error in partly allowing IA No.883 of 2023 - there are no error in the order passed by the Adjudicating Authority in IA No.883 of 2023. There are no grounds to interfere with the orders of the Adjudicating Authority - Appeal dismissed.
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