NCLAT upheld NCLT Mumbai's order dismissing an appeal by Industrial Asset Transaction Services against Jet Airways' aircraft auction.
The appeal contested the auction process, alleging insufficient inspection time for borescope examination of engines.
The appellant bid Rs 300 crore but lost to a higher bid of Rs 309 crore for one aircraft in a transparent process.
The tribunal found no fraud or procedural error, affirming the 'as is where is' sale terms and auction finality.