Exercising its powers under Article 142 of the Constitution, the Supreme Court decided to liquidate Jet Airways after noting that JKC had not fulfilled key obligations.
Jet Airways JKC
Jet Airways, the National Company Law Appellate Tribunal (NCLAT) affirmed, on March 12, the transfer of ownership of the grounded airline to Jalan Kalrock Consortium (JKC).
Jalan-Kalrock Consortium (JKC), the entity chosen as the successful resolution applicant for Jet Airways, has requested the Supreme Court’s permission to substitute a ₹150-crore performance bank guarantee with a new financial instrument
The Jalan Kalrock Consortium (JKC), the successful bidder for the revival of the grounded airline, recently injected ₹100 crore into Jet Airways, bringing their total investment in the airline to ₹250 crore.
The challenges for grounded airlines Go First and Jet Airways continue escalating as both airline’s IATA code were revoked due to their non-operational status.
According to the lawyer representing Ace Aviation, the JKC, in the resolution plan, stated it had no interest in holding back the grounded aircraft of Jet Airways (9W).
On July 28, the Jet Airways (9W) Jalan Kalrock Consortium (JKC) informed the National Company Law Appellate Tribunal (NCLAT) that despite obtaining all the necessary permissions from the government, the Committee of Creditors (CoC) is preventing them from initiating operations.