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, in a recent judgment, has dismissed an appeal brought forward by a Resolution Professional (RP), underscoring the imperative for RPs to uphold a neutral position in such legal proceedings. The top court’s decision serves as a clear directive that the responsibility to seek appropriate legal remedies rests primarily with the aggrieved parties, […]
