Jet Airways’ assets will be liquidated, the Supreme Court said,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.<\/p>\n
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”.<\/p>\n
“Liquidation must be available to lenders as a last resort… since resolution plan is no longer capable of implementation,” Chief Justice DY Chandrachud and Justices JB Pardiwala and Manoj Misra said, allowing a plea by creditors, including the State Bank of India and the Punjab National Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"
Jet Airways’ assets will be liquidated, the Supreme Court said,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. […]<\/p>\n","protected":false},"author":3,"featured_media":254805,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2],"tags":[116025,2927],"class_list":["post-254804","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politicalnews","category-top-stories","tag-close-jet-airways","tag-jet-airways"],"jetpack_featured_media_url":"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2024\/11\/jet-airways.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/254804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/comments?post=254804"}],"version-history":[{"count":1,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/254804\/revisions"}],"predecessor-version":[{"id":254806,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/254804\/revisions\/254806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media\/254805"}],"wp:attachment":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media?parent=254804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/categories?post=254804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/tags?post=254804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}