New Delhi: In a significant development in the Jet Airways insolvency case, the Supreme Court on Thursday ordered the liquidation of the grounded airline, forfeiting Rs 200 crore invested by the successful bidder, Jalan Kalrock Consortium (JKC), and allowing the lenders led by SBI to encash a Rs 150 crore performance bank guarantee (PBG).
Exercising its extraordinary powers under Article 142 of the Constitution, a bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra concluded the insolvency proceedings of the airline by overturning the decision of the National Company Law Appellate Tribunal (NCLAT). The bench criticised the NCLAT for…
