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NCLAT asks Jet CoC if it will work with Dutch administrator

Wednesday - August 21, 2019 11:06 pm , Category : BUSINESS
New Delhi, Aug 21 (IANS) The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the Committee of Creditors 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 S.J. Mukhopadhaya, will next hear the matter on September 4.
Jet Airways on April 17 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 committee of creditors has invited expressions of interest (EoI) from potential bidders.

--IANS rrb/vd