Jet Airways' journey ends, Supreme Court orders to sell the airline's assets

Jet Airways Update: After the order given by the Supreme Court, all the hopes that Jet Airways could fly again in the coming time have been dashed.

Jet Airways Liquidation Order: The hope of Jet Airways restarting is now completely over. On Thursday, the apex court ordered the sale of the airline's assets. This order was given by the Supreme Court using its special constitutional powers. Along with this order, the resolution plan of NCLAT was also rejected, in which it was said to transfer the ownership of the closed airline to Jalan Kalrock Consortium.

Decision came on the petition of SBI and other lenders

While giving this order, a bench of Chief Justice DY Chandrachud, Justice JB Pardiwala and Justice Manoj Mishra also reprimanded NCLAT. While giving the verdict on behalf of the bench, Justice Pardiwala accepted the petition of SBI and other lenders against the decision of NCLAT. In the petition, the decision to maintain the resolution plan of Jet Airways in favor of JKC was opposed.

The apex court also reprimanded NCLAT.

The court said that the liquidation (sale of property) of the airline company is in the interest of lenders, creditors, employees and others. In the process of liquidation, the loan is paid from the money received by selling the company's property. During this, the bench also reprimanded NCLAT. The apex court used its special powers under Article 142 of the Constitution. In this, the court has the right to issue orders and decrees to ensure complete justice in any pending case or matter.

These banks have dues on Jet Airways

. NCLAT had upheld the resolution plan of the defunct airline on March 12. It had approved giving its ownership rights to JKC. But after this, State Bank of India (SBI), Punjab National Bank (PNB) and JC Flowers Asset Reconstruction Private Limited had approached the court against the decision of NCLAT.

Jet Airways is closed since 2019

Till a few years ago, Jet Airways was counted among the premium airlines of the country. But Jet Airways led by Naresh Goyal has been closed since 2019. The operation of the airline is completely stalled. After this, the National Company Law Appellate Tribunal (NCLAT) had approved the transfer of ownership of Jet Airways to the consortium of UK's Calrock Capital and UAE based businessman Murari Lal Jalan.