MUMBAI: The National Company Law Tribunal (NCLT) on Thursday admitted the insolvency petition filed by means of the lenders' consortium led by means of State Bank in opposition to Jet Airways.
The tribunal has additionally appointed Ashish Chhauchharia of Grant Thornton as the resolution professional for the crippled airline that stopped operations on April 17.
The tribunal comprising VP Singh and Ravikumar Duraisamy directed the RP to take a look at and finish the resolution procedure in 3 months despite the fact that the legislation permits six months, pronouncing "the matter is of national importance."
In its plea, SBI has made a declare of Rs 967 crore and stated it had given Rs 505 crore in working capital loans, and an overdraft facility of Rs 462 crore to the corporate.
However, the tribunal rejected the plea by means of the Netherlands primarily based vendors for submitting an intervention application, pronouncing the Dutch district court had no jurisdiction to order bankruptcy of Jet Airways.
The representatives of 2 Dutch logistics vendors wanted the tribunal's nod to make an intervention petition.
It will also be noted that two logistics vendors of Jet in the Netherlands had confiscated a passenger jet on the Amsterdam airport late March searching for dues and a local had in May ordered bankruptcy procedure in opposition to the grounded airline and had appointed Rocco Mulder as the administrator for the bankruptcy lawsuits.
The tribunal additionally rejected the bankruptcy pleas filed by means of two operational collectors of Jet -- Shaman Wheels and Gaggar Enterprises. These corporations declare Rs 8.74 crore, and Rs 53 lakh respectively from the airline, and were the primary to take the airline for bankruptcy on June 10.
"Those petitions are rejected as the plea under phase 7 of the IBC has been admitted nowadays. However, the petitioners are free to method the RP.
The tribunal has additionally appointed Ashish Chhauchharia of Grant Thornton as the resolution professional for the crippled airline that stopped operations on April 17.
The tribunal comprising VP Singh and Ravikumar Duraisamy directed the RP to take a look at and finish the resolution procedure in 3 months despite the fact that the legislation permits six months, pronouncing "the matter is of national importance."
In its plea, SBI has made a declare of Rs 967 crore and stated it had given Rs 505 crore in working capital loans, and an overdraft facility of Rs 462 crore to the corporate.
However, the tribunal rejected the plea by means of the Netherlands primarily based vendors for submitting an intervention application, pronouncing the Dutch district court had no jurisdiction to order bankruptcy of Jet Airways.
The representatives of 2 Dutch logistics vendors wanted the tribunal's nod to make an intervention petition.
It will also be noted that two logistics vendors of Jet in the Netherlands had confiscated a passenger jet on the Amsterdam airport late March searching for dues and a local had in May ordered bankruptcy procedure in opposition to the grounded airline and had appointed Rocco Mulder as the administrator for the bankruptcy lawsuits.
The tribunal additionally rejected the bankruptcy pleas filed by means of two operational collectors of Jet -- Shaman Wheels and Gaggar Enterprises. These corporations declare Rs 8.74 crore, and Rs 53 lakh respectively from the airline, and were the primary to take the airline for bankruptcy on June 10.
"Those petitions are rejected as the plea under phase 7 of the IBC has been admitted nowadays. However, the petitioners are free to method the RP.
NCLT admits insolvency plea against Jet Airways
![NCLT admits insolvency plea against Jet Airways]()
Reviewed by Kailash
on
June 20, 2019
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