Jet Airways to become first Indian company to undergo Cross Border Insolvency proceedings
New Delhi: In a major breakthrough for India’s insolvency mechanism which is still in its evolving stage, Jet Airways would be the first Indian company to undergo insolvency proceedings under the Cross Border Insolvency Protocol along with the Insolvency and Bankruptcy Code (IBC) of India.
The National Company Law Appellate Tribunal (NCLAT) had allowed the Dutch court administrator of Jet Airways to attend the meetings of the bankrupt airline’s Committee of Creditors (CoC). The resolution professional and the Dutch administrator, however, filed an application seeking an amendment in the September 26 order providing approval to the Dutch administrator, which the appellate tribunal accepted on Thursday.
