Jet Airways on Saturday mentioned considered one of its wide-body Boeing 777 plane, which was beneath the custody of the Dutch Administrator because of the insolvency proceedings towards the corporate within the Netherlands, has been bought, and the proceedings will primarily be utilised to shut the method.
Jet Airways is dealing with insolvency proceedings within the Netherlands in response to a criticism, the place it was declared bankrupt in response to a criticism by two European collectors.
“This is now to inform that as per the information received from the Dutch Administrator, the equipment (the aircraft) under the custody of the Dutch Administrator has been sold to IAGCAS 777, LLC, for USD 9-million under the Dutch Insolvency Process,” Jet Airways Monitoring Committee-authorised consultant, Ashish Chhawchharia, mentioned within the firm’s regulatory submitting.
Jet Airways mentioned within the submitting that the sale of apparatus is as per the phrases of the protocol, whereunder it’s agreed that the proceeds from the sale of apparatus shall be first utilised for the closure of Dutch Insolvency Process in Netherland, to make sure that the corporate isn’t any extra declared bancrupt.
Balance funds, if any, shall be repatriated to India which shall be dealt as per the availability of the Insolvency and Bankruptcy Code, the submitting added.
Jet Airways was declared bankrupt in Netherlands and thereafter as per the Noord-Holland District Court order dated May 21, 2019, the insolvency proceedings had been initiated towards the corporate appointing Rocco Mulder (Dutch Administrator) because the administrator (trustee to handle the property of the corporate in Netherlands), it mentioned.
The Dutch Administrator took custody of the belongings of Jet Airways within the Netherlands on the date of initiation of such insolvency proceedings which included one Boeing 777 300 ER plane (VT-JEW) parked at Schiphol Airport, the corporate mentioned.
Further, as per the course of the National Company Law Appellate Tribunal, Cross Border Insolvency Protocol was agreed between Ashish Chhawchharia (erstwhile decision skilled of Jet Airways) and Mulder, which was authorised by NCLAT via its September 26, 2019, order, Jet Airways mentioned.
“We wish to further inform that subsequent to the sale of the equipment and after completing the requisite formalities, the Dutch Insolvency Process shall stand concluded,” Jet Airways mentioned within the submitting.
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