SC sets aside NCLAT verdict approving transfer of Jet Airways ownership to JKC, orders liquidation of carrier’s assets

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Jet Airways has been grounded since 2019. (Express Archives)

The Supreme Court Thursday acceptable speech the verdict by the National Company Law Appellate Tribunal (NCLAT) approving the transportation of grounded aerial bearer Jet Airways to Jalan Kalrock Consortium.

The apical court, portion allowing the plea by the State Bank of India and different creditors against NCLAT’s judgment, exercised its bonzer powerfulness and ordered the liquidation of the grounded aerial carrier’s assets, according to quality bureau PTI.

NCLAT had permitted the transportation of ownership to JKC, the palmy solution applicant, successful January past year.

Jet Airways was grounded successful 2019 amid mounting fiscal vows. State Bank of India, its largest lender, had initiated insolvency proceedings against the institution earlier NCLT Mumbai, and the institution was subsequently admitted to the solution process. In 2021, JKC emerged arsenic the palmy solution applicant to re-commence the operations of the airline.

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