Supreme Court Orders Liquidation of Jet Airways, Sets Aside Transfer of Ownership to JKC

The Supreme Court has ordered the liquidation of Jet Airways, overturning the transfer of ownership to the Jalan-Kalrock Consortium (JKC). The court found that the resolution plan proposed by JKC was not viable and failed to address the financial distress of the airline adequately. The liquidation order mandates the sale of Jet Airways' assets to repay creditors, marking a significant turn in the airline's insolvency proceedings. This decision impacts employees, creditors, and stakeholders involved with Jet Airways, highlighting the challenges in reviving distressed companies and the judiciary's role in overseeing insolvency and restructuring processes.