The Limits Of The Insolvency And Bankruptcy Code As Seen In The Jet Airways Insolvency Proceedings, And Its Implications On The Aviation Sector

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Mohammed Rehan Tarafdar, Inventure Academy

ABSTRACT

The Insolvency and Bankruptcy Code, 2016, does not contain provisions that explicitly address the treatment of regulatory permissions, airport slots or operational rights during insolvency proceedings. The Code itself offers no statutory basis for their preservation as economic assets, which leaves courts to determine these matters on a case-by-case basis. The Insolvency Law Committee, in its report on Cross-Border Insolvency (2018), recommended the adoption of the UNCITRAL Model Law on Cross-Border Insolvency to address deficiencies in the IBC framework for multinational insolvency proceedings, and further recommended statutory amendments to improve cooperation between NCLT and sectoral regulators. No legislative action has been taken so far to implement the necessary changes.

221. THE LIMITS OF THE INSOLVENCY AND BANKRUPTCY CODE AS SEEN IN THE JET AIRWAYS INSOLVENC

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