January 09, 2020

NCLT Warns Jet Airways CoC Of Contempt Proceedings

[ By Bobby Anthony ]


The Mumbai bench of the National Company Law Tribunal (NCLT) has warned Jet Airways (India) Ltd’s Committee of Creditors (CoC) of contempt proceedings if it does not release interim funds to the resolution professional by January 20 to complete insolvency proceedings.

The NCLT has also directed CoC members, who have not honored the order of the court, to remain present at the February 19 hearing.

It has directed the Indian Overseas Bank, which is in the process of filing application at the NCLT for exemption from payment, since it is under Prompt Corrective Action restriction, to approach government authorities in this regard.

This NCLT direction came after the resolution professional pointed out that several CoC members have not released funds despite its earlier order.

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