The Supreme Court of India has nullified the NCLAT’s ruling that allowed the transfer of Jet Airways to the Jalan-Kalrock Consortium (JKC), which claimed it was working to revive the airline. However, lenders accused JKC of obstructing progress, leading to the airline’s potential liquidation. The court ordered immediate liquidation and criticized the NCLAT for its decision that overlooked previous rulings. Additionally, it mandated the appointment of a liquidator and forfeiture of funds paid by the consortium, highlighting concerns over the consortium’s failure to meet financial obligations in the resolution plan.

Source: https://www.stattimes.com/aviation/jet-airways-to-be-liquidated-challenge-stays-in-the-aircraft-deal-1353674