Dutch ad­min can at­tend Jet CoC meet: NCLAT

The Times of India (New Delhi edition) - - Times Business -

New Delhi: The Na­tional Com­pany Law Ap­pel­late Tri­bunal (NCLAT) has al­lowed the Dutch court ad­min­is­tra­tor of Jet Air­ways to at­tend the Com­mit­tee of Cred­i­tors (CoC) meet­ings of the debt-ridden car­rier.

A three mem­ber NCLAT bench said that the Dutch ad­min­is­tra­tor would be part of the CoC meet­ing and would be given min­utes of the meet­ings. The Ap­pel­late Tri­bunal also set aide the ear­lier or­der of the Mum­bai bench of the Na­tional Com­pany Law Tri­bunal (NCLT), which had de­nied to recog­nise the Dutch in­sol­vency pro­ceed­ings.

NCLT had barred Dutch Court Ad­min­is­tra­tor from tak­ing part in the Jet Air­ways in­sol­vency pro­ceed­ings in In­dia.

The Ap­pel­late Tri­bunal or­der came af­ter the Res­o­lu­tion Pro­fes­sional of Jet Air­ways and Dutch Court Ad­min­is­tra­tor agreed to co-or­di­nate in the in­sol­vency pro­ceed­ings on­go­ing in In­dia. Ear­lier, dur­ing the last hear­ing, NCLAT had di­rected the Res­o­lu­tion Pro­fes­sional of Jet Air­ways and Dutch court to file the terms and con­di­tions of their agree­ment.

NCLAT’s di­rec­tion came while hear­ing a pe­ti­tion filed by the Dutch Court Ad­min­is­tra­tor against the or­der of the Mum­bai bench of NCLT, which had de­clared over­seas bank­ruptcy pro­ceed­ings null and void.

Ear­lier, on Septem­ber 20, dur­ing the last hear­ing, NCLAT had asked the Res­o­lu­tion Pro­fes­sional of Jet Air­ways to co­op­er­ate with the Dutch Court Ad­min­is­tra­tor, which is also con­duct­ing in­sol­vency pro­ceed­ings against the deb­trid­den car­rier. 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 fi­nan­cial as well as as­sets of the air­line.

One of the Jet Air­ways air­craft, parked in the Schiphol Air­port in Am­s­ter­dam, has al­ready been seized.

The grounded air­line owes more than Rs 8,500 crore to lenders. It also has a large debt by way of ac­cu­mu­lated losses to the tune of Rs 13,000 crore, ven­dor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore. The con­sor­tium of lenders is led by SBI.

Air­line owes 8,500cr to lenders

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