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Jet Airways case: Dutch insolvency administrator moves NCLAT

BusinessToday.In     July 12, 2019

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. A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has also asked the Dutch bankruptcy administrator to assist in the insolvency proceedings of Jet Airways which is currently going on in India. Furthermore, the Dutch insolvency court administrator has agreed before the Tribunal to not sell the confiscated assets of the debt-ridden carrier.

It may be noted that NCLAT has also issued a notice to the consortium of Jet Airways' lenders, directing them to file their reply within a period of two weeks. The Tribunal has further directed to list the matter on August 21, 2019, for the next hearing.

Earlier, the National Company Law Tribunal (NCLT), Mumbai, had rejected the appeal of Dutch insolvency administrator to recognise their proceedings. Meanwhile, Jet Airways is facing insolvency proceedings in the Netherlands and was declared bankrupt in response to a complaint that was filed by two European creditors. However, in April, H Esser Finance Company and Wallenborn Transport had filed a petition citing unpaid claims worth nearly Rs 280 crore.

Following this, the Dutch court had appointed a trustee in-charge and it had approached its Indian counterpart for access to the financials as well as the assets of the airline. Additionally, one of the Jet Airways aircraft, which was parked in the Schiphol Airport in Amsterdam, had been seized.

(Edited by: Nehal Solanki)

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