The initiation of insolvency proceedings against Jet Airways by a Dutch court has prompted the government to strengthen Indias cross-border insolvency norms. The insolvency law committee, which monitors the implementation of the Insolvency and Bankruptcy Code (IBC) and suggests changes, will meet on June 12 to deliberate upon the amendments to deal with cross-border insolvency, sources said. The aim is to introduce the amendments in the Budget session of Parliament, which begins from June 17.
Last month, the lenders and management of Jet Airways were in a fix over the legal implications of a Dutch court declaring the defunct airline bankrupt following pleas of two foreign lenders. No appeal on behalf of the grounded airline has been filed…
Read the full article at: https://www.financialexpress.com/industry/jet-airways-fallout-cross-border-insolvency-norms-to-be-amended/1602000/
