Jet: Boeing 777 aircraft in Dutch custody offered; insolvency course of to shut now

Jet Airways on Saturday mentioned certainly one of its wide-body Boeing 777 plane, which was underneath the custody of the Dutch Administrator as a result of insolvency proceedings towards the corporate within the Netherlands, has been offered, and the proceedings will primarily be utilised to shut the method.
Jet Airways is going through insolvency proceedings within the Netherlands in response to a grievance, the place it was declared bankrupt in response to a grievance by two European collectors.
“This is now to inform that as per the information received from the Dutch Administrator, the equipment (the aircraft) under the custody of the Dutch Administrator has been sold to IAGCAS 777, LLC, for USD 9-million under the Dutch Insolvency Process,” Jet Airways Monitoring Committee-authorised consultant, Ashish Chhawchharia, mentioned within the firm’s regulatory submitting.

Jet Airways mentioned within the submitting that the sale of kit is as per the phrases of the protocol, whereunder it’s agreed that the proceeds from the sale of kit shall be first utilised for the closure of Dutch Insolvency Process in Netherland, to make sure that the corporate isn’t any extra declared bancrupt.