The case involves the Corporate Insolvency Resolution Process (CIRP) initiated against Jet Airways (India) Ltd. The primary issue revolves around the duties of the Interim Resolution Professional (IRP) and subsequently the Resolution Professional (RP) in collating claims and taking control of assets, particularly those located outside India. Specifically, the Corporate Debtor, Jet Airways, has an 'Offshore Regional Hub / office' in Holland, where separate insolvency proceedings have been initiated, leading to the appointment of an Administrator in Holland. The challenge is how the IRP/RP in India can effectively manage and control these foreign assets and collate claims from offshore creditors, given the ongoing proceedings and the appointment of an Administrator in
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Jet Airways (India) Ltd. As part of this process, the Interim Resolution Professional (IRP) was tasked with collating claims from various creditors, including 'Financial Creditors' and 'Operational Creditors', both domestic and international. This duty is mandated under section 18 of the Insolvency & Bankruptcy Code, 2016 ('I&B' Code).
Furthermore, the IRP's responsibilities extend to taking control and custody of all assets owned by the 'Corporate Debtor'. These assets include those recorded in the balance sheet, with information utilities, or in any other registry that records asset ownership, as specified in clause (f) (i) to (vi) of Section 18 of the 'I&B' Code.
…NCLAT issues an order regarding the duties of…
The case is posted for 'Orders' on 20th…
The case involves the Corporate Insolvency Resolution Process (CIRP) initiated against Jet Airways (India) Ltd. The primary issue revolves around the duties of the Interim Resolution Professional (IRP) and subsequently the Resolution Professional (RP) in collating claims and taking control of assets, particularly those located outside India. Specifically, the Corporate Debtor, Jet Airways, has an 'Offshore Regional Hub / office' in Holland, where separate insolvency proceedings have been initiated, leading to the appointment of an Administrator in Holland. The challenge is how the IRP/RP in India can effectively manage and control these foreign assets and collate claims from offshore creditors, given the ongoing proceedings and the appointment of an Administrator in
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Jet Airways (India) Ltd. As part of this process, the Interim Resolution Professional (IRP) was tasked with collating claims from various creditors, including 'Financial Creditors' and 'Operational Creditors', both domestic and international. This duty is mandated under section 18 of the Insolvency & Bankruptcy Code, 2016 ('I&B' Code).
Furthermore, the IRP's responsibilities extend to taking control and custody of all assets owned by the 'Corporate Debtor'. These assets include those recorded in the balance sheet, with information utilities, or in any other registry that records asset ownership, as specified in clause (f) (i) to (vi) of Section 18 of the 'I&B' Code.
…NCLAT issues an order regarding the duties of…
The case is posted for 'Orders' on 20th…