Supreme Court Orders Jet Airways Liquidation: A Landmark Decision

The Supreme Court has ordered the liquidation of Jet Airways' assets, overruling the NCLAT's decision favoring the Jalan Kalrock Consortium (JKC). The court exercised extraordinary powers, siding with SBI and other creditors to protect their interests. The decision emphasizes the court's authority to ensure complete justice.

The Supreme Court on Thursday exercised its extraordinary constitutional powers to order the liquidation of Jet Airways' assets. This dramatic decision overturns the National Company Law Appellate Tribunal (NCLAT)'s earlier ruling.

A bench led by Chief Justice D Y Chandrachud, along with Justices J B Pardiwala and Manoj Misra, approved the plea from SBI and other creditors, opposing the NCLAT's resolution plan for Jet Airways that favored Jalan Kalrock Consortium (JKC).

The court criticized the NCLAT for its decision and emphasized the need to protect the interests of creditors, workers, and other stakeholders. By invoking Article 142 of the Constitution, the Supreme Court underscored its power to ensure complete justice.

(With inputs from agencies.)