New Delhi/Chandigarh, 07 November 2024: The Supreme Court has overturned the NCLAT’s decision to approve the transfer of Jet Airways’ ownership, ordering the airline’s liquidation.
The court invoked its extraordinary powers under Article 142 of the Constitution, citing “peculiar and alarming” circumstances, including the failure to implement the airline’s resolution plan for the past five years.
Previously, the National Company Law Appellate Tribunal (NCLAT) had authorized the transfer of ownership to the Jalan Kalrock Consortium (JKC), the winning bidder for Jet Airways.
However, the consortium failed to meet several key requirements of the resolution plan, leading to concerns about the feasibility of reviving the airline.
The Supreme Court also pointed to financial irregularities, such as the injection of Rs 350 crore into Jet Airways and JKC’s failure to pay employees, which further questioned the revival efforts
