In a significant ruling that could break fresh grounds in cross-border insolvency, the National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a Dutch insolvency court administrator to be a part of, and attend the Committee of Creditors (CoC) meetings of Jet Airways.
In doing so, the NCLAT set aside an order of the Mumbai-bench of National Company Law Tribunal (NCLT), which had said that the Dutch court administrator had no jurisdiction in India and therefore would not be able to take part in Jet Airways’ CoC meetings or raise claims on the airlines’ assets in India. The NCLT had also held the Dutch insolvency court proceedings as “null and void” in India.
