M&A Magazine

In the Corporate Insolvency Resolution Process (CIRP) of Jet Airways (India) Ltd ., the question came up for discussion on the validity and priority of the Insolvency proceedings being conducted at a country outside India, where the CIRP for Jet Airways is already initiated under Indian  Insolvency Code, 2016. Jet Airways has properties in India and outside India as well. When CIRP  against Jet Airways started under the Code in India where Registered Office of the ‘Corporate Debtor’ is situated and similar proceedings were already started at Netherland (North-Holland), where the Regional Hub of the ‘Corporate Debtor’ is situated. Precisely, two parallel insolvency proceedings are being carried out in case of Jet Airways (Corporate Debtor) in India, and in Netherland based on different territorial jurisdiction. In Netherland, Jet Airways was declared bankrupt in response to a complaint filed by two European creditors where a Dutch court administrator is appointed who app...

A consortium of 26 bankers led by State Bank of India (SBI) have finally decided to take the grounded Jet Airways to bankruptcy court after failing to revive the company and find buyers. Insolvency proceedings have been initiated against debt-ridden Jet Airways, which stopped flying on April 17. Before the bank consortium filed the bankruptcy proceedings for Jet Airways, two operational creditors – Shaman Wheels and Gaggar Enterprises – had already taken the airlines to National Company Law Tribunal ( NCLT ) as the airline owes Rs 8.74 crore and Rs 53 lakh to the two companies, respectively. After the airline stopped flying, most of its domestic and international slots have been given away to other airlines by the government. Jet Airways will be the first airlines company in the country to go into bankruptcy, as it owes over Rs 8,000 crore to banks and thousands of crores to vendors, lessors and employees. Jet Airways was started by airline-ticketing-agent-turned-entrepreneur N...