Dutch bankruptcy administrator moves NCLAT on Jet Airways insolvency case

NEW DELHI: Dutch bankruptcy administrator 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 also asked the Dutch bankruptcy administrator to assist in the insolvency proceedings of Jet Airways going in India.
Dutch insolvency court administrator has agreed before the NCLAT not to sell the confiscated assets of debt-ridden Jet Airways.
NCLAT has also issued notice to the consortium of Jet Airways lenders directing them to file their reply within two weeks.
It has directed to list the matter on August 21, for next hearing.
Earlier, National Company Law Tribunal (NCLT) Mumbai, had rejected Dutch insolvency administrator’s appeal to recognise their proceedings.
Jet Airways is facing Insolvency proceedings in the Netherlands and was declared bankrupt in response to a complaint filed by two European creditors.
In April, H Esser Finance Company and Wallenborn Transport had filed a petition citing unpaid claims worth around Rs 280 crore.
Following this, a trustee in charge was appointed by the Dutch court and it had approached its Indian counterpart for access to the financials as well as assets of the airline.
One of the Jet Airways aircraft, parked in the Schiphol Airport in Amsterdam, has already been seized.
Jet Airways, which has not flown since April 18, is going through insolvency proceedings in India as well.
A consortium of 26 bankers led by State Bank of India had approached the NCLT to recover dues of over Rs 8,500 crore from Jet Airways.

Apart from banks, it also owes over Rs 10,000 crore to its hundreds of vendors, primarily aircraft lessors and over Rs 3,000 crore to its employees.

Source: Press Trust of India

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