Jet Airways
Jet Airways

New Delhi: The NCLT on Wednesday warned Jet Airways CoC of contempt proceedings if they do not release interim funds to the resolution professional by January 20 for completion of insolvency proceedings.

"We again reiterate and instruct the Committee of Creditors (CoC) to release the interim amount as required by the RP of the grounded airline, so that the corporate insolvency resolution process (CIRP) is completed and the assets of Jet are not devalued," Mumbai-bench of NCLT in its order said.

Further, the bench comprising Bhaskara Pantula Mohan and Rajesh Sharma directed the CoC to at least pay the amount by January 20, or the tribunal will initiate contempt proceedings against the defaulting members.

The tribunal directed the CoC members, who have not honoured the order of the court, to remain present on February 19 - the next date of hearing.

The NCLT also directed Indian Overseas Bank, which filed applications at the tribunal for exemption from payment as they are under Prompt Corrective Action (PCA) restriction to approach the government authorities concerned in this regard.

(To download our E-paper please click here. The publishers permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in