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NCLAT allows Dutch court administrator to be part of Jet Airways' CoC

Our Bureau Mumbai | Updated on September 26, 2019 Published on September 26, 2019

National Company Law Appellate Tribunal (NCLAT) has allowed the Dutch court administrator to be a part of the Jet Airways' Committee of Creditor (CoC) meetings. NCLAT also finalized the cross-border insolvency protocol for the airline.

Jet Airways was declared bankrupt in a Netherlands court after two European creditors filed a a complaint against the airline.

Earlier, NCLT had rejected the Dutch court’s plea on the grounds that under the Insolvency and Bankruptcy Code, the debt resolution process of Jet can be undertaken only in India.

In April, two vendors of Jet Airways from the Netherlands had filed a petition in a local Dutch court seeking recovery of about ₹280 crore. In July, NCLAT had agreed to hear a plea filed by the court seeking access to the financial details of Jet Airways.

On Thursday, NCLAT said the Dutch Administrator will be a part of all the CoC meetings and will be given the minutes copies of all the previous and meetings ahead.

In the previous hearing, the RP had agreed to all the terms of a cooperation agreement between them.

Published on September 26, 2019
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