Jet Airways: NCLAT ask CoC if they are ready to co-operate with the Dutch Administrator

The National Company Law Appellate Tribunal (NCLAT) today directed the Committee of Creditors (CoC) of Jet Airways to state on affidavit if they are ready to co-operate with the Dutch Bankruptcy Administrator in the ongoing Jet Airways Insolvency matter..The three-member NCLAT bench headed by Chairman Justice SJ Mukhopadhaya also directed the CoC to clarify if it would accord the same treatment which is being given to Indian creditors of Jet Airways to “other equally situated foreign lenders”..The Appellate Tribunal further asked the CoC to state if they were ready to bear the fees etc of the Dutch administrator..Jet Airways is facing Insolvency proceedings in the Netherlands as well where it was declared bankrupt in response to a complaint filed by two European creditors..Subsequently, a Bankruptcy Administrator or “trustee in charge” was appointed by the Dutch court for certain offshore properties of Jet Airways..While admitting State Bank of India’s insolvency plea against Jet Airways, the National Company Law Tribunal in June had rejected the Dutch Administrator’s plea to recognize their proceedings..The Dutch administrator had then approached the Appellate Tribunal against the rejection..According to the order of NCLT passed on June 20, the total amount of debt granted to the Jet Airways by SBI alone stands at Rs 1,795.21 crore. There are several other financial creditors who have also granted a loan to Jet Airways. Also, the default amount stated to be Rs. 462.3938 crore were overdrawn amount over sanctioned limits of the cash credit facilities by SBI alone..The Dutch Administrator was represented by advocate Sumant Batra..The matter would be next heard on September 4.