Supreme Court Orders Jet Airways Liquidation, Overturns NCLAT Approval to Jalan Kalrock Consortium

Nov 7, 2024, 07:14 AM

On Thursday, the Supreme Court of India ordered the liquidation of Jet Airways, setting aside a previous National Company Law Appellate Tribunal (NCLAT) decision that had approved the airline's resolution plan and transfer of ownership to Jalan Kalrock Consortium (JKC). A three-judge bench headed by Chief Justice D.Y. Chandrachud invoked its plenary powers under Article 142 of the Constitution to pass the liquidation order after finding that the resolution plan had not been fully implemented and failed to make full payment. Jet Airways, once India's second-largest airline, ceased operations in 2019. The liquidation raises concerns for its 1.43 lakh retail shareholders who may face complete losses.