Jet Airways has officially reached the end of its journey, as the Supreme Court has mandated its liquidation
Jet Airways has officially reached the end of its journey, as the Supreme Court has mandated its liquidation
The tribunal had approved the resolution plan and allowed the transfer of ownership on March 12, but this decision faced challenges from a group of creditors due to the consortium’s alleged non-payment of dues. A key issue in the Supreme Court hearing was that the NCLAT permitted the ownership transfer even though Jalan-Kalrock Consortium (JKC) had not paid the initial ₹ 350 crore as stipulated in the resolution plan, with a total payment requirement of ₹ 4,783 crore.
In this context, the court ruled that the ₹ 200 crore already contributed would be forfeited and instructed the NCLAT’s Mumbai bench to appoint a liquidator. JKC had previously sought NCLAT’s permission to transfer the ₹ 200 crore to an escrow account but withdrew that request in May after the tribunal denied the relief, citing that the matter was under consideration by the Supreme Court.
Jet Airways was grounded in April 2019, and two years later, JKC, a consortium led by Murari Jalan, a non-resident Indian based in the UAE, and Florian Fritsch, a Jet shareholder through an offshore company named Kalrock Capital Partners Limited successfully acquired ownership through a bidding process.
Afterward, a monitoring committee was established to supervise the implementation of the plan, but legal and financial setbacks have occurred. In May, Jet announced that it would delay the announcement of its financial results for the quarter and year ending in March, stating that the monitoring committee would convene soon to finalize the data.
