Supreme Court orders liquidation of Jet Airways

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Ziraat Times
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New Delhi: Jet Airways’ assets will be liquidated, the Supreme Court said Thursday afternoon, invoking ‘extraordinary’ powers under Article 142 to set aside a tribunal’s decision to uphold a resolution plan and transfer ownership – to the Jalan-Kalrock Consortium – without full payment to creditors.

Article 142 allows the court to make orders for ‘complete justice’ in any pending matter. In this instance, it noted “peculiar and alarming” circumstances of the case – referring to improper implementation of the resolution plan – and said it had, therefore, “no choice but to send Jet Airways into liquidation”.

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