Indian lenders’ efforts to initiate insolvency proceedings against Jet Airways are facing a fresh challenge, with the trustee appointed by a Netherlands court, which had last month declared the grounded airline bankrupt, seeking to intervene.
“Jet Airways has already been declared bankrupt by the Holland District Court and we want to argue the applicability of crossborder insolvency law in this case,” said counsel Kiran Sharma, who along with counsel Sumant Batra, is advisint the trustee in the case.
On Wednesday, they moved an intervention application in the case. The Mumbai bench of the National Company Law Tribunal (NCLT) said it would consider the plea along with a bunch of other applications on Thursday. Read More