๐ฆ๐๐ฝ๐ฟ๐ฒ๐บ๐ฒ ๐๐ผ๐๐ฟ๐ ๐ข๐ฟ๐ฑ๐ฒ๐ฟ๐ ๐๐ถ๐พ๐๐ถ๐ฑ๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐๐ฒ๐ ๐๐ถ๐ฟ๐๐ฎ๐๐, ๐๐ถ๐๐ถ๐ป๐ด ๐๐ถ๐๐ฒ-๐ฌ๐ฒ๐ฎ๐ฟ ๐๐ฒ๐น๐ฎ๐ ๐ฎ๐ป๐ฑ ๐๐ฎ๐ถ๐น๐ฒ๐ฑ ๐ฅ๐ฒ๐๐ผ๐น๐๐๐ถ๐ผ๐ป ๐ฃ๐น๐ฎ๐ป
mentblue. - The Supreme Court of India has officially ordered the liquidation of Jet Airways, a significant decision that concludes a lengthy legal saga surrounding the airline's financial distress and attempts at revival. This ruling was announced on November 7, 2024, as the court set aside a prior decision by the National Company Law Appellate Tribunal (NCLAT) that had permitted the transfer of ownership to the Jalan-Kalrock Consortium (JKC) under an approved resolution plan.
๐๐ฒ๐ ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ ๐ณ๐ฟ๐ผ๐บ ๐๐ต๐ฒ ๐ฆ๐๐ฝ๐ฟ๐ฒ๐บ๐ฒ ๐๐ผ๐๐ฟ๐'๐ ๐๐ฒ๐ฐ๐ถ๐๐ถ๐ผ๐ป:
๐๐ฎ๐ถ๐น๐๐ฟ๐ฒ ๐๐ผ ๐ ๐ฒ๐ฒ๐ ๐ข๐ฏ๐น๐ถ๐ด๐ฎ๐๐ถ๐ผ๐ป๐: The court found that JKC had not fulfilled critical conditions of the resolution plan, including failing to infuse the required initial payment of โน350 crore. The consortium had only managed to pay โน200 crore, which has now been forfeited.
Legal Basis for Liquidation: The Supreme Court invoked its powers under Article 142 of the Constitution to mandate liquidation, citing a five-year delay in the resolution process as a compelling reason. The court emphasized that this delay was "peculiar and alarming," leaving no viable option other than liquidation.
๐๐บ๐ฝ๐ฎ๐ฐ๐ ๐ผ๐ป ๐๐ฟ๐ฒ๐ฑ๐ถ๐๐ผ๐ฟ๐: The decision was influenced by appeals from creditors, including the State Bank of India (SBI), who argued that JKC had abused the Insolvency and Bankruptcy Code (IBC) process and failed to secure necessary operational clearances and payments owed to employees.
๐ก๐ฒ๐
๐ ๐ฆ๐๐ฒ๐ฝ๐: Following this ruling, the National Company Law Tribunal (NCLT) in Mumbai has been directed to initiate the liquidation process and appoint a liquidator promptly.
๐๐ผ๐ป๐๐ฒ๐
๐ ๐ผ๐ณ ๐๐ฒ๐ ๐๐ถ๐ฟ๐๐ฎ๐๐' ๐ฆ๐ถ๐๐๐ฎ๐๐ถ๐ผ๐ป:
Jet Airways has been grounded since April 2019 due to severe financial difficulties. The recent Supreme Court ruling marks it as the second major airline in India, following GoFirst, to be considered for liquidation under the IBC framework. This outcome reflects broader challenges within India's aviation sector regarding financial management and operational sustainability.
JetAirways IBC Insolvency IBC Legal News India SupremeCourt
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