Supreme Court sets aside the National Company Law Appellate Tribunal (NCLAT) ruling that upheld the transfer of Jet Airways ownership to the Jalan-Kalrock Consortium (JKC) without complete payment in accordance with the resolution plan under an approved resolution plan.
Allowing the appeal filed by State Bank of India (SBI) and other creditors, The Supreme Court has ordered liquidation of Jet Airways due to the delay of five-years in implementing the resolution plan.
The top court has invoked extraordinary powers under Article 142 of the Constitution which gives the Supreme Court the power to make orders and decrees to ensure “complete justice”.
The NCLAT order allowing for the transfer of assets was challenged by SBI-led lenders.
The judgment was pronounced by the bench of CJI DY Chandrachud and Justices JB Pardiwala and Manoj Misra.
The judgment was reserved on October 16.
