Supreme Court Orders Liquidation of Jet Airways, Scraps Revival Plan

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|Times of India|8 months ago

The Supreme Court of India has annulled the resolution plan for the revival of Jet Airways by the Jalan-Fritsch consortium, ordering the airline's liquidation. The court found that the consortium failed to meet financial obligations, including the initial fund infusion. The Rs 200 crore already invested by the consortium will be forfeited. The ruling overturned a previous decision by the National Company Law Appellate Tribunal (NCLAT) that had approved the plan. The court emphasized that liquidation serves the best interests of creditors and stakeholders, criticizing the NCLAT's earlier approval.

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