The Supreme Court of India, led by CJI DY Chandrachud, ordered the liquidation of Jet Airways, overturning the NCLAT’s approval of its ownership transfer to the Jalan Kalrock Consortium. The Court revealed that the consortium failed to meet financial obligations, prompting immediate liquidation and forfeiture of bank guarantees to protect creditors’ interests.
The Supreme Court reserved its judgment on the customs department’s review plea regarding a 2021 ruling that denied DRI officers the authority to recover duties on cleared goods. The case involved arguments on whether DRI officials qualify as customs officers, with the opposing side asserting that the original judgment contained errors.