NCLAT Asks Jet CoC if It Will Work with Dutch Administrator
IANS 22 August 2019
The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the Committee of Creditors (CoC) of Jet Airways to file an affidavit stating whether it is ready to cooperate with the Dutch bankruptcy administrator which is also pursuing insolvency proceedings against the airline.
 
The appellate tribunal has directed the CoC to file the affidavit within a week's time.
 
The debt-riddent Jet Airways is facing insolvency proceedings in The Netherlands too. It was declared bankrupt there after it had failed to pay two European creditors. The Dutch court subsequently appointed a bankruptcy administrator.
 
The three-judge bench headed by NCLAT Chairman SJ Mukhopadhaya, will next hear the matter on 4th September.
 
Jet Airways on 17th April  had announced temporary suspension of all flight services as it failed to secure interim funding from lenders to maintain even bare minimum operations.
 
Currently, Jet is under the insolvency process, under which a CoC has invited expressions of interest (EoI) from potential bidders. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
arvind
7 years ago
No wounder as a saying goes 'Invest or start a airline if you are a billionaire and want to become a millionaire'
But in India its different. Promoter can make money as long as PSBs are leanding/donating money.
Deepak Narain
7 years ago
It is unfortunate this Company has reached this situation. It needs to be brought to life in the general public interest. Most public-sector companies have also reached this fate in the past and closed down. Some stern vigil and control is needed, free from political interference.
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