India’s supreme court ordered the liquidation of Jet Airways, which has been grounded since 2019. The court overturned the National Company Law Appellate Tribunal’s decision, which granted ownership to the Jalan-Kalrock consortium.
Jet Airways, once a leading airline in India, ceased operation in 2019. The supreme court stated that the liquidation will benefit the airline’s creditors and employees, as the Jalan-Kalrock Consortium failed to implement its resolution plan despite approval 5 years ago.
Justice Pardiwala accepted the petition filed by SBI and other leaders against the consortium’s resolution plan. The court utilized its extraordinary powers under Article 142 of the Constitution to order the liquidation.
Lenders were also allowed to cash in a performance bank guarantee of 150 crores. Unfortunately, this means Jet Airways chances of resuming operations have dwindled to zero.
Read More – Canada Ends Multiple-Entry Visa Policy
