The Supreme Court deemed the resolution plan unviable, highlighting that JKC did not infuse the requisite ₹350 crore nor settle employee dues of ₹226 crore as mandated. The apex court further noted that over five years have elapsed since the resolution plan’s approval, leaving liquidation as the only viable recourse for lenders.
What came as a significant blow to JKC, the Supreme Court also ruled that ₹200 crore already infused stands forfeited and it directed lenders to invoke a ₹150 crore Performance Bank Guarantee.
Jet Airways, once a major player in India’s private aviation sector, ceased operations in 2019 due to mounting financial troubles. The recent efforts to revive the airline under JKC had raised hopes but repeated setbacks culminated in the court-mandated liquidation.
The development follows a plea by Jet Airways’ lenders, who accused JKC of breaching its obligations under the resolution plan.
(Edited by : Ajay Vaishnav)
