Jet Airways crisis: NCLT to hear three insolvency pleas today
The National Company Law Tribunal (NCLT) is set to hear the State Bank of India’s application to initiate insolvency proceedings against Jet Airways, along with two similar petitions filed by operational creditors — Shaman Wheels and Gaggar Enterprises on Thursday.
SBI, represented by Cyril Amarchand Mangaldas, has filed a plea under Section 7 of the IBC, that allows financial creditor to file an application against the corporate debtor.
Meanwhile, at the hearing on Wednesday, Kiran Sharma, junior to Sumant Batra who is representing Rocco Mulder, appointed by the North Holland District Court as trustee or ‘administrator in bankruptcy’ of Jet Airways (India) during its bankruptcy hearings, apprised the NCLT of the Netherlands court’s judgment declaring the airline ‘to be in a state of bankruptcy’.
