Brief by Shorts91 Newsdesk / 08:04am on 07 Nov 2024,Thursday Business
The Supreme Court of India has ordered the liquidation of Jet Airways after the airline remained grounded for over five years. The court’s ruling on November 7 followed a lengthy legal dispute in which the Jalan Kalrock Consortium (JKC), the airline's winning bidder, failed to fulfill key obligations of the 2021 resolution plan. These included a Rs 350 crore investment into the airline and payment of Rs 226 crore in overdue employee salaries. Since Jet Airways was grounded in 2019 due to financial troubles, the court’s decision marks the end of efforts to revive the once-prominent carrier.
