The National Company Law Tribunal (NCLT) Mumbai has ordered the liquidation of Jet Airways (India) Limited following a Supreme Court directive. In its order dated November 26, 2024, the tribunal appointed Satish Kumar Gupta as the liquidator for the debt-ridden airline, marking the end of its prolonged insolvency proceedings.
The Supreme Court had earlier set aside a National Company Law Appellate Tribunal (NCLAT) order, citing complications and lack of progress in the implementation of the airline’s resolution plan, which had been approved nearly five years ago. The court invoked Article 142 of the Constitution to direct the liquidation.
The NCLT’s order outlines that the liquidator will aim to sell the company as a going concern within 90 days. If unsuccessful, the process will move to asset sales under the provisions of the Insolvency and Bankruptcy Code (IBC).
Jet Airways’ liquidation marks a significant development in the Indian aviation sector, as the once-prominent carrier, grounded since 2019, failed to revive operations despite efforts under its resolution plan. The airline’s workforce and other stakeholders now face further uncertainty as the liquidation process unfolds.
Jet Airways confirmed the NCLT’s order in a regulatory filing, stating it will comply with the directives and provide updates as required.
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