Saturday, September 04, 2021

Jet Airways' Boeing 777 held in Netherlands sold; insolvency process to close now

Jet Airways on Saturday said one of its wide-body Boeing 777 aircraft, which was under the custody of the Dutch Administrator due to the insolvency proceedings against the company in the Netherlands, has been sold, and the proceedings will mainly be utilised to close the process.

Jet Airways is facing insolvency proceedings in the Netherlands in response to a complaint, where it was declared bankrupt in response to a complaint by two European creditors. 

"This is now to inform that as per the information received from the Dutch Administrator, the equipment (the aircraft) under the custody of the Dutch Administrator has been sold to IAGCAS 777, LLC, for USD 9-million under the Dutch Insolvency Process," Jet Airways Monitoring Committee-authorised representative, Ashish Chhawchharia, said in the company's regulatory filing.

Jet Airways said in the filing that the sale of equipment is as per the terms of the protocol, whereunder it is agreed that the proceeds from the sale of equipment will be first utilised for the closure of the Dutch Insolvency Process in the Netherlands, to ensure that the company is no more declared insolvent.

Balance funds, if any, shall be repatriated to India which shall be dealt with as per the provision of the Insolvency and Bankruptcy Code, the filing added.

Jet Airways was declared bankrupt in the Netherlands and thereafter as per the Noord-Holland District Court order dated May 21, 2019, the insolvency proceedings were initiated against the company appointing Rocco Mulder (Dutch Administrator) as the administrator (trustee to manage the estate of the company in the Netherlands), it said.

04/09/21 PTI/

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