NCLAT okays agreement between Dutch court and Jet resolution professional

The National Company Law Appellate Tribunal (NCLAT) has approved an agreement between a Dutch court and the resolution professional looking into the insolvency process of Jet Airways.

Under the agreement, the Dutch authority has been allowed to initiate liquidation of Jet assets in the Netherlands; however, the administration appointed by the Dutch court shall seek inputs, notify and consult the resolution professional. The Dutch trustee will also be mindful of the Indian proceedings prior to any material decision being taken in the Dutch proceedings.

Jet Airways was declared bankrupt in a Netherlands court after two European creditors filed a a complaint against the airline.