NCLT warns Jet Airways CoC of contempt proceedings

MUMBAI : The NCLT on Wednesday warned Jet Airways CoC of contempt proceedings if they do not release interim funds to the resolution professional by January 20 for completion of insolvency proceedings.

“We again reiterate and instruct the Committee of Creditors (CoC) to release the interim amount as required by the RP of the grounded airline, so that the corporate insolvency resolution process (CIRP) is completed and the assets of Jet are not devalued,” Mumbai-bench of NCLT in its order said.

Further, the bench comprising Bhaskara Pantula Mohan and Rajesh Sharma directed the CoC to at least pay the amount by January 20, or the tribunal will initiate contempt proceedings against the defaulting members.