New Delhi: Setting aside an order National Company Law Appellate Tribunal (NCLAT) the Supreme Court has ordered the liquidation of Jet Airways’ assets. The three-member bench rapped the NCLAT for its order and observed the appellate body acted against settled legal principles. Pronouncing the verdict, a three-member bench comprising Chief Justice D.Y. Chandrachud and Justices […]

Supreme Court exercised its extraordinary constitutional powers and ordered the liquidation of grounded air carrier Jet Airways' assets

Jet Airways to be liquidated, orders Supreme Court saying it has “No Choice” on plea by lenders including SBI seeking to quash NCLAT’s order on handing over the airlines to Jalan-Kalrock Consortium

The apex court has set aside the National Company Law Appellate Tribunal (NCLAT) order which upheld the transfer of ownership of the airline to Jalan Kalrock Consortium (JKC).

The Supreme Court on Thursday ordered liquidation of cash-strapped Jet Airways, saying that the resolution plan, approved five years ago, is no longer capable of implementation.

SC is set to pronounce its judgment on Thursday on lenders' plea challenging the transfer of ownership of grounded Jet Airways to JKC.

SC is scheduled to pronounce its verdict on Thursday on a plea of SBI and other creditors challenging the NCLAT decision that upheld.