Supreme Court orders liquidation of grounded air carrier Jet Airways’ assets-OxBig News Network

The Supreme Court on Thursday set aside the National Company Law Appellate Tribunal (NCLAT) order that upheld the transfer of Jet Airways ownership to the Jalan-Kalrock Consortium (JKC) under an approved resolution plan.

Allowing an appeal filed by State Bank of India (SBI) and other creditors against the NCLAT order, a Bench of CJI DY Chandrachud, Justice JB Pardiwala and Justice Manoj Misra ordered the liquidation of Jet Airways in view of the “peculiar and alarming” circumstance that the resolution plan has not been implemented for five years.

“We have no doubt that the NCLAT acted contrary to settled legal principles and incorrectly interpreted our order,” the top court said.

Pronouncing the verdict, Pardiwala said, “This litigation is an eyeopener… It has taught us many lessons about the IBC and the functioning of NCLAT.”