Wednesday, September 04, 2019

NCLAT directs Jet Airways IRP, Dutch court administrator to coordinate

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed the Interim Resolution Professional (IRP) of Jet Airways and the administrator of Dutch insolvency court, which has declared the airline insolvent, to coordinate with each other. Both the parties will file terms of their agreement within the next two weeks, a three-member bench headed by Chairperson Justice S J Mukhopadhaya said. The appellate tribunal will next hear the matter on September 20.
“The IRP has to collate the claims of the all financial creditors and operational creditors, domestic or internationally,” said NCLAT.
During the last hearing on August 21, the NCLAT had asked the Committee of Creditors (CoC) of Jet if they would coordinate with the Dutch court appointed administrator and accord other equally situated foreign lenders, who were also pursuing insolvency proceedings against the debt-laden airline, the same status as they would to the secured and unsecured financial creditors in India.
During the proceedings on Wednesday, though the CoC told the appellate tribunal that they were ready to cooperate with the Dutch court administrator, the NCLAT observed that the lenders could only make observations.
The observation by the three-member bench came after the Dutch court administrator submitted that while he had no problem working with the IRP, the CoC could not give directions to him.
04/09/19 Aashish Aryan/Business Standard
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