Dutch administrator Jet Airways RP agree to cooperate in insolvency

first_imgNew Delhi: The resolution professional of Jet Airways and Dutch insolvency administrator have agreed to cooperate in insolvency proceedings against the debt-ridden airline, the National Company Law Appellate Tribunal (NCLAT) was informed on Friday. The RP and the Dutch Court Administrator have agreed on terms and conditions on which they will cooperate in the ongoing insolvency process. The appellate tribunal has asked both parties to file their terms and conditions by Monday and listed the matter for hearing on September 24. Also Read – Commercial vehicle sales to remain subdued in current fiscal: IcraDuring the proceedings, counsel appearing for both sides informed the Committee of Creditors (CoC) has agreed on all conditions except one. According to them, the CoC was opposing presence of Dutch Court Administrator in their meeting. However, on this, NCLAT Chairman S J Mukhopadhaya observed that the Dutch Court Administrator has all rights to be there. “He should be there he has to collate his claims. Both sides should go together,” said NCLAT Chairman adding “he must be there for maximisation of assets.” The NCLAT further said there should be transparency in the insolvency resolution process and each financial and operational creditor has the right to be there. Jet Airways is facing insolvency proceedings in the Netherlands and was declared bankrupt in response to a complaint filed by two European creditors.last_img

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