SC orders liquidation of Jet Airways

The Supreme Court on Thursday set aside the National Company Law Appellate Tribunal (NCLAT) order which has allowed cash-strapped Jet Airways ownership transfer to Jalan-Kalrock Consortium (JKC).

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The apex court order came after the resolution plan approved by the National Company Law Appellate Tribunal (NCLAT) was not implemented for over five years. Since the successful bidder for the airline, the JKC, had failed to comply with the conditions of the resolution plan, the apex court ordered for the liquidation of the airline.

Using its special powers under Article 142 of the Constitution, the Supreme Court decided to liquidate the airline after noting that the JKC had not fulfilled key obligations outlined in the resolution plan.