Synopsis
The company has said in its stock exchange announcement on March 9 that, as per Section 17 of the IBC, the powers of the Board of Directors of the Corporate Debtor stand suspended and such powers shall be-vested with its IRP, Arpan Maheshkumar Shah.
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The dedicated bankruptcy court has admitted the Corporate Insolvency Resolution Process (CIRP) against BSE-listed
“It is made clear that all personnel connected with Corporate Debtor (Manpasand Beverages), its promoter or any other person associated with management of the corporate debtor are under a legal obligation under Section 19 of the Code extend every assistance and cooperation to the Interim Resolution Professional,” said the bench in its order of March 1.
The dedicated bankruptcy court has admitted the Corporate Insolvency Resolution Process (CIRP) against BSE-listed
“It is made clear that all personnel connected with Corporate Debtor (Manpasand Beverages), its promoter or any other person associated with management of the corporate debtor are under a legal obligation under Section 19 of the Code extend every assistance and cooperation to the Interim Resolution Professional,” said the bench in its order of March 1.
The company has said in its stock exchange announcement on March 9 that, as per Section 17 of the IBC, the powers of the Board of Directors of the Corporate Debtor stand suspended and such powers shall be-vested with its IRP, Arpan Maheshkumar Shah.
Kalrock-Jalan consortium meets DGCA , MoCA over Jet Airways’ slots
March 15, 2021
A landing slot at an airport is an important asset for an airline as it gives the airline an edge over its competitors - FRANCIS MASCARENHAS
A landing slot at an airport is an important asset for an airline as it gives the airline an edge over its competitors - FRANCIS MASCARENHAS×
New owners assured that their request for reallocation will be considered: Sources
Representatives of the Kalrock-Jalan consortium along with the court-appointed Resolution Professional met the Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MoCA) seeking re-allocation of Jet Airways’ erstwhile slots.
JUDGMENTS 1. Collusive Commercial Transactions With Corporate Debtor Will Not Constitute Financial Debt Under IBC: Supreme Court [Case: Phoenix Arc Private Limited v. Spade Financial.
Aviation regulator Directorate General of Civil Aviation (DGCA) and the Ministry of Civil Aviation (MoCA) have refused to give any assurance on Jet Airways slots issue, in an affidavit to NCLT. In a joint affidavit to the Mumbai bench of the National Company Law Tribunal (NCLT), DGCA and MoCA stated that slots allocated to the corporate debtor are not the asset of the corporate debtor and, hence, no mandatory directions in respect of the allocations/reallocation of slots may be issued by the tribunal for the mandatory compliance of the same by the DGCA/MoCA . However, any request of the resolution applicant (Jet Airways) for allocation of slots would be considered as per the existing policy and procedure, it added.