Wednesday, August 21, 2019

NCLAT asks Jet Airways lenders if they would cooperate with Dutch court administrator

The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked lenders of Jet Airways whether they would cooperate with the Dutch court administrator who is also pursuing insolvency proceedings against the debt-ridden carrier.
A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhyay asked the Committee of Creditors (CoC) of Jet Airways to file an affidavit within a week in this regard.
The appellate tribunal has also asked the CoC to inform whether they are ready to pay fees and bear costs incurred by the Dutch administrator.
Jet Airways is facing insolvency proceedings in the Netherlands as well, where it was declared bankrupt after failing to pay two European creditors. Subsequently, a bankruptcy administrator was appointed by the Dutch court.
The NCLAT has asked to list the matter on September 4 for further hearing.
The appellate tribunal’s direction came while hearing a petition filed by the Dutch court administrator against the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which had declared overseas bankruptcy proceedings null and void in the Jet Airways insolvency case.
The NCLAT on July 12 had stayed the orders of NCLT on the plea filed by the Dutch court administrator and agreed to hear it.
21/08/19 PTI/Financial Express
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