Limited Review Report for Company under CIRP and Whose Resolution Plan Was Accepted by NCLT

JET AIRWAYS (INDIA) LTD. (Q.E. 30TH SEPTEMBER, 2022)

From Limited Review Report on Standalone Financial Statements

Introduction
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The Company was under the Corporate Insolvency Resolution Process (‘CIRP’) under the provisions of Insolvency and Bankruptcy Code, 2016 (‘the Code’) vide order dated June 20, 2019 passed by the National Company Law Tribunal (‘NCLT’). During the CIRP, the powers of the Board of Directors stand suspended as per Section 17 of the Code and such powers were exercised by the erstwhile Resolution Professional (RP) appointed by the NCLT by the said order under the provisions of the Code. Further, under process, the resolution plan submitted by Consortium of ……¹ was approved (with the condition precedent therein) by the Hon’ble NCLT on June 25, 2021 via order dated June 22, 2021 (detailed order received on June 30, 2021). With the approval of the Resolution Plan by the Hon’ble NCLT, the CIRP of the Company was concluded and …….   has ceased to be the resolution professional of the Company, effective on and from June 25, 2021. As per the terms of the approved resolution plan, Monitoring Committee was constituted (hereinafter referred to as the ‘Management’), and first meeting of Monitoring Committee was duly held on June 28, 2021. During the CIRP, as per Section 20 of the Code, the management and operations of the Company were managed by the erstwhile