Supreme Court Orders Liquidation of Jet Airways, Overturns NCLAT Approval of Jalan Kalrock Consortium's Resolution Plan

The Supreme Court has ordered the liquidation of Jet Airways, setting aside a National Company Law Appellate Tribunal (NCLAT) ruling that approved a resolution plan by Jalan Kalrock Consortium (JKC) for the beleaguered airline. This decision comes after the court determined that JKC's resolution plan was not fully implemented, leading to the airline’s ownership transfer being deemed unviable. The NCLAT had previously cleared the way for JKC to take control of Jet Airways despite the consortium’s inability to fully satisfy payment obligations to creditors and employees. However, the Supreme Court, upon review, found that key conditions under the Insolvency and Bankruptcy Code (IBC) were unmet in the resolution plan and, therefore, ordered the liquidation process to commence. Jet Airways, once India’s largest private airline, has faced prolonged financial struggles, suspending operations in 2019 due to mounting debt. This liquidation order effectively marks the end of its lengthy insolvency process, with assets now expected to be sold to repay creditors. Anita Goyal Dies: Jet Airways Founder Naresh Goyal's Wife Breathes Her Last After Battle With Cancer.

Supreme Court Orders Liquidation of Jet Airways

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