India’s Supreme Court has reserved its judgement on a plea from the State Bank of India and other creditors to overturn a decision that upheld the resolution plan and ownership transfer of Jet Airways to the Jalan Kalrock consortium (JKC).
Creditors argue that the resolution plan has failed and are requesting the court to order the airline’s liquidation under Article 142 of the Constitution, citing that JKC has not met necessary conditions.
The ownership transfer of Jet Airways has faced legal challenges since the airline ceased operations in 2019, and the National Company Law Tribunal had initially approved JKC’s acquisition in 2021.
The Supreme Court may either confirm JKC’s adherence to the resolution plan or declare it void, potentially leading to a new resolution plan or the airline’s liquidation, with further hearings expected soon.
