THE SUPREME COURT on Thursday exercised its extraordinary constitutional powers and ordered the liquidation of grounded air carrier Jet Airways' assets.
A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra set aside the National Company Law Appellate Tribunal (NCLAT) decision upholding the resolution plan of Jet Airways, which was grounded in 2019, and approved the transfer of its ownership to Jalan Kalrock Consortium (JKC).
Pronouncing the judgement for the bench, Justice Pardiwala allowed the plea of State Bank of India (SBI) and other creditors against the NCLAT decision that upheld the resolution plan of Jet Airways in favour of JKC.
It said the liquidation of the air carrier was in the interest of creditors, workers and other stakeholders.
The bench rapped NCLAT for its decision.
The top court used its powers under Article 142 of the Constitution which gives it the power to make orders and decrees to ensure complete justice in any matter or cause pending before it.
The NCLAT on March 12 upheld the resolution plan of the grounded air carrier and approved the transfer of its ownership to JKC.
The SBI, Punjab National Bank (PNB) and JC Flowers Asset Reconstruction Private Limited have challenged the NCLAT verdict.
Jet Airways was founded by Naresh Goyal in 1992 and it soon became a leading airline in the country.
However, it ran into financial woes in 2019, and SBI initiated insolvency proceedings before NCLT, Mumbai.
In 2021, JKC emerged as the successful resolution applicant to re-commence the operations of the airline. (PTI)
A 1996 photo of rapper Tupac Shakur (L) and Marion "Suge" Knight is shown on screens during closing arguments in the Duane Davis murder trial, related to the 1996 killing of rapper Tupac Shakur, at Clark County District Court at the Regional Justice Center in Las Vegas, Nevada, on August 31, 2026. Getty Images
A rescuer assists a resident through heavy mud following flash floods on August 27, 2026 in Trishuli, Nepal. A sudden flood swept through the Bhote Koshi River basin in northern Rasuwa on August 26, damaging settlements, roads and energy infrastructure as rescue teams searched for residents and foreign travellers reported out of contact. Hundreds were reported missing, as the death toll started to climb.Getty Images
Rescue personnel provide medical treatment to a child at an army rescue camp in Trishuli Batar, Nepal, on August 27, 2026. A sudden flood swept through the Bhote Koshi River basin in northern Rasuwa on August 26, damaging settlements, roads and energy infrastructure, as rescue teams searched for residents and foreign travellers reported out of contact. Hundreds were reported missing as the death toll began to climb. Getty Ima
Family members of missing flood victims react at the emergency ward of the Maharajgunj Medical Campus, part of the Tribhuvan University Teaching Hospital, on August 28, 2026 in Kathmandu, Nepal. Authorities said the flash floods were triggered after a mass of ice, mud and rock collapsed into a Himalayan river near the Nepal-China border, leaving hundreds dead or missing and causing widespread damage in affected districts. Authorities continued the gruelling search for victims, many buried under metres of mud, as both China and Nepal issued fresh flooding alerts.Getty Images