Supreme Court Sets Aside Tribunal Decision on Jet Airways | Orders Liquidation | NewsX

In a landmark decision, the Supreme Court invoked its 'extraordinary' powers under Article 142 to override a tribunal’s ruling that upheld a resolution plan for Jet Airways. The Court ruled that the Jalan-Kalrock Consortium's acquisition of the airline without full payment to creditors was not in their best interest. The assets of Jet Airways will now be liquidated, with the Court criticizing the National Company Law Appellate Tribunal (NCLAT) for approving the plan despite non-payment to creditors, workers, and other stakeholders.

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