NCLT rejects plea to recover Jet Airways's ₹500cr from Boeing
Business
Jet Airways just hit another roadblock: the National Company Law Tribunal (NCLT) has rejected the liquidator's request to get ₹500 crore back from Boeing.
The tribunal said this is a contract dispute, not something it can decide under the Insolvency and Bankruptcy Code.
Boeing's insolvency claims rose to ₹873.78cr
This all started back in 2013, when Jet paid Boeing $92.13 million as an advance for two planes.
Fast forward: Boeing suspended and then canceled the deal by 2020 after payment issues.
Later, during insolvency proceedings, Boeing claimed money from Jet, first at $721.19 crore, then bumped up to $873.78 crore due to currency fluctuations during the liquidation process.
The NCLT pointed out that sorting out who owes what needs a deeper legal look than it can give right now.