Tag: jet airways

IndustryLatest Stories

India to Establish NCLT Bench for Faster Cross-Border Insolvency

NEW DELHI: India is set to establish a dedicated bench within the National Company Law Tribunal (NCLT) that will focus on cross-border insolvency cases, aiming to expedite legal proceedings following the notification of new bankruptcy regulations, according to sources familiar with the development. The cross-border framework, which received approval last month as part of amendments to the Insolvency and Bankruptcy Code (IBC), will draw from a UN model law but will be tailored to better fit India’s requirements. This initiative is designed to simplify access for creditors to the foreign assets of distressed companies and facilitate India’s collaboration with international…

CommercialLatest Stories

Jet Airways to Transfer Mumbai Office Lease for ₹370 Crore

NEW DELHI | MUMBAI: Jet Airways, which is in the process of liquidation, announced on Wednesday that it has signed an agreement to transfer its office lease in Mumbai for over Rs 370 crore. The lease transfer is pending approval from the Mumbai Metropolitan Region Development Authority (MMRDA) and will be executed in accordance with the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations, as stated in a regulatory filing. After 25 years of service, the once-renowned Jet Airways halted its operations in April 2019 due to financial challenges, leading lenders to initiate resolution processes under the IBC. During the…

CommercialLatest Stories

Brookfield buys Jet Airways’ Mumbai office via insolvency

Sure! Here’s a revised version of the content: — Representative image created by AI In a significant update regarding Jet Airways’ insolvency proceedings, Brookfield Asset Management, a major global investment firm, has acquired an additional office floor within the Godrej BKC commercial tower in Mumbai’s Bandra-Kurla Complex for ₹370.25 crore, according to sources familiar with the matter. The transaction was executed under the Insolvency and Bankruptcy Code (IBC) and supervised by the National Company Law Tribunal (NCLT). Initially, Bank of Baroda was the highest bidder, but Brookfield utilized its right of first refusal to match the bid and secure the…