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.
Today,26th April, The Delhi High Court ruled in favor of aircraft lessors, mandating the de-registration of leased planes and prohibiting Go First Airlines from operating them. The court also imposed restrictions on the airline’s Resolution Professional and directed them to maintain transparency. This decision addresses the complexities of insolvency proceedings in the aviation industry amidst contractual disputes.
