Friday, July 12, 2019

Dutch bankruptcy administrator moves NCLAT on Jet Airways matter

Dutch bankruptcy administrator on Friday moved the National company Law Appellate Tribunal (NCLAT) on the Jet Airways matter, which has agreed to hear the case here.
A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya also asked the Dutch bankruptcy administrator to assist in the insolvency proceedings of Jet Airways going in India. Dutch insolvency court administrator has agreed before the NCLAT not to sell the confiscated assets of debt-ridden Jet Airways. NCLAT has also issued notice to the consortium of Jet Airways lenders directing them to file their reply within two weeks. It has directed to list the matter on August 21, for next hearing.
Earlier, National Company Law Tribunal (NCLT) Mumbai, had rejected Dutch insolvency administrator’s appeal to recognise their proceedings. Jet Airways is facing Insolvency proceedings in the Netherlands and was declared bankrupt in response to a complaint filed by two European creditors. In April, H Esser Finance Company and Wallenborn Transport had filed a petition citing unpaid claims worth around Rs 280 crore.
12/07/19 PTI/Business Line

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