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2019 (6) TMI 1154 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - Section 7 of Insolvency and Bankruptcy Code, 2016 - Default in repayment of loans - agreement with Foreign Countries - HELD THAT:- Section 234-235 of IBC, 2016 deals with the matter regarding the agreement with foreign countries and the letter of request to a country outside India in the insolvency Resolution Process where the assets of the corporate debtor exist outside India - The above provision of IB Code is yet to be notified hence not enforceable. Therefore, we as the Adjudicating Authority are not empowered to entertain the order passed by the foreign jurisdiction in the case, where the registered office of the Corporate Debtor company is situated in India, and the jurisdiction specifically lies with this court. Therefore, we cannot pass any order to withhold the Insolvency proceedings pending in our court based on the order of insolvency passed by any other jurisdiction, which is not authorised to pass order for the company, which is registered in India and the jurisdiction solely lies with this court. In this case, the Indian Government has no such reciprocal arrangement with the Government of Netherland. Therefore, none of the courts has any jurisdiction to pass an order under IBC, where the assets and properties of the Corporate Debtor are situated in a country outside their country. This petition filed under Section 7 of I&B Code, 2016, filed by State Bank of India, Financial Creditor / Petitioner, under section 7 of I&B Code against Jet Airways (India) Limited, Corporate Debtor for initiating corporate insolvency resolution process at this moment admitted - Moratorium declared. List this matter on 5th July 2019.
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