Jet Airways' resolution professional and its insolvency administrator in the Netherlands have agreed to cooperate in the ongoing insolvency proceedings, a counsel appearing for both sides has told the National Company Law Apellate Tribunal (NCLAT), the Indo-Asian News Service reported.
During the September 20 proceedings, the counsel said that a committee of creditors had agreed on all conditions except one, namely the presence of the Dutch administrator in their meetings. But the chairman of the three-member NCLAT, S J Mukhopadhaya, responded that the Dutch side had every right to be there. He also urged full transparency in the insolvency resolution process, then listed the matter for hearing on September 24.
Besides India, the debt-riddled carrier is facing an insolvency process in the Netherlands. It was declared bankrupt there following a complaint filed by two European creditors, the transport and logistics firm H Essers and air-cargo road feeder operator Wallenborn Transports, citing unpaid claims worth around INR2.8 billion rupees (USD40 million), according to the Press Trust of India news agency.
The grounded airline owes around INR85 billion (USD1.2 billion) to its lenders, the Press Trust of India said, and is also estimated to have a total liability of about INR250 billion (USD3.5 billion) including debts to operational creditors.
