Jet Airways would be the first Indian Company which undergo for 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). However, an application filed by the resolution professional and the Dutch administrator to seeking an amendment in the September 26, the order was providing the approval to Dutch administrator that has accepted by appellate Tribunal.
On September 26, the NCLAT’s said so that, Joint Corporate Insolvency Resolution Process will continue by Insolvency and Bankruptcy Code 2016.
As per the appellant, to clarify that the resolution process would be carried on in accordance with ‘Insolvency and Bankruptcy Code, 2016’ and the ‘Cross Border Insolvency Protocol’, seeking the inclusion of ‘Cross Border Insolvency Protocol’ in the paragraph, along with ‘Insolvency and Bankruptcy Code, 2016′, which the bench accepted.
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