Under a disclosure to Indian SEBI dated 04th Sept 21 , the Monitoring Committee of Jet Airways (India) Limited or Jet 2.0 has said that the Jet Airways 1.0 Boeing 777-300ER aircraft, MSN 35164 and Indian Registration VT-JEW, that was seized in Amsterdam under in the custody of the Dutch Administrator has been sold for 9 million USD to IAGCAS777 and that the proceeds from the sale of the aircraft (equipment) will be used to close the insolvency proceedings in the Netherlands.
“The sale of equipment is as per the terms of the protocol, whereunder it is agreed that the proceeds from the sale of equipment will be first utilised for the closure of Dutch Insolvency Process in Netherland, to ensure the company is no more declared insolvent in the Netherlands and balance funds, if any, shall be repatriated to India which shall be dealt as per the provision of the Insolvency and Bankruptcy Code," said Ashish Chhawchharia, Jet Airways Monitoring Committee-authorised representative, in the filing.
The Jet 2.0 statement says ,
" As you are aware Jet Airways (India) Limited (The Company) was declared bankrupt in Netherlands and there after Noord-Holland District Court order dated May 21 , 2019 , insovency proceedings were initiated against the company appointing Mr.Rocco Mulder (" Dutch Administrator") as the administrator (trustee to manage the estate of the company in Netherlands). The Dutch administrator took custody of the assets of the company in netherlands on the date of initiation of such insolvency proceedings which included one Boeing 737-300ER aircraft (bearing MSN 35164 and Indian Registration Mark VT-JEW ) parked at Schiphol Airport ("Equipment") .
Further, as per the direction of National Company Law Appellant Tribunal (NCLAT), Cross Border Insolvency Protocol was agreed between Chhawchharia, the erstwhile Resolution Professional of Jet Airways in India, and the Dutch administrator Mulder. The same was approved by the NCLAT on September 26, 2019.
The protocol was signed to co-operate with each other in the insolvency process with an aim to maximise the value to stakeholders and early resolution of ongoing litigations, the Jet Airways filing said.
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