Jet Airways Insolvency Case: Resolution Professional, Dutch Bankruptcy Administrator Agree To Terms Of Co-Operation

The Jet Airways resolution professional and the Dutch Bankruptcy Administrator have agreed to all the terms of a co-operation agreement between them.

The statement was made by the counsel appearing for the resolution professional and the Dutch Administrator before the National Company Law Appellate Tribunal (NCLAT) recently.

Incidentally, Jet Airways is also facing Insolvency proceedings in the Netherlands, where it was declared bankrupt in response to a complaint filed by two of its European creditors.

A Dutch court had subsequently appointed a bankruptcy administrator or ‘trustee in charge’ for certain offshore properties of Jet Airways.

The NCLAT was also informed that the Committee of Creditors (CoC) has also agreed to all terms of co-operation except for one issue which pertained to the Dutch Administrator attending CoC meetings.

The NCLAT responded that the question of whether the CoC has the power to ‘"accept or reject the terms of the agreement would be deliberated upon by it during the course of the appeal.

The NCLAT has adjourned the matter till September 24 even as it directed the resolution professional and the Dutch Administrator to bring the terms of the agreement on record.

It may be recalled that during the last hearing, the NCLAT had directed the Jet Airways resolution professional to work with the Dutch Bankruptcy Administrator in the Jet Airways insolvency matter and formulate the “terms of agreement” with him.