Jet Aircraft Maintenance Engineers ... vs Ashish Chhawchharia

The Supreme Court addressed appeals concerning the approval of a Resolution Plan under the Insolvency and Bankruptcy Code, 2016 (IBC). It emphasized that the conditions precedent outlined in Clause 7.6 of the Plan must be fulfilled for the Resolution Applicant to recommence operations, including necessary approvals from the DGCA and MoCA. The Court held that failure to meet these conditions within the stipulated time frame would result in automatic withdrawal of the Resolution Plan, thereby reinforcing the importance of compliance with regulatory requirements in insolvency proceedings.