India’s Supreme Court has ordered Jet Airways be liquidated five years after grounding all flights.
The airline has been in limbo ever since.
The highest court overruled National Company Law Appellate Tribunal’s approval of the airline’s takeover by UK based Kalrock Capital and UAE businessman Murari Lal Jalan.
The years-long saga comes to an end after countless rulings and appeals and says the investors have failed to deliver the promised funds required.
Liquidation is in the best interest of Jet Airways’ creditors and employees, the Supreme Court said.
Jet’s main creditor State Bank of India started insolvency proceedings against the airline when it grounded all flights amid severe financial difficulties.
The Kalrock-Murari consortium emerged as successful bidders back in 2021 but faced numerous legal challenges and missed bankruptcy court deadlines.
