Satish Gupta Named Jet Airways Liquidator

By siliconindia  |  Thursday, 28 November 2024, 02:35:23 PM IST

Satish Gupta Named Jet Airways Liquidator
A Mumbai bench of the NCLT has appointed Satish Kumar Gupta as the liquidator of Jet Airways following a Supreme Court order that set aside a NCLAT direction allowing the sale of the airline. The liquidation follows a long five and a half year process which could not lead to any successful resolution for the full service carrier.
With almost five years now gone by since the Resolution Plan was passed by the NCLAT, with no progress worthy to be called one, we are left with no choice but to come under Article 142 of the constitution and order that the Corporate Debtor be put into liquidation.
The NCLT, Mumbai shall now take appropriate steps for appointment of liquidator and all other necessary formalities for commencement of liquidation of the corporate debtor, a two judge bench of Prabhat Kumar and Vrendrasingh Bisht said.
The NCLT order came after the Supreme Court had set aside the National Company Law Appellate Tribunal's (NCLAT) approval of the takeover of the airline by a consortium comprising UK's Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.
The Supreme Court had ruled that the consortium had failed to fulfill the conditions necessary to revive Jet Airways, and therefore liquidation was the only option left. Lenders led by the State Bank of India had argued that the inability of JKC to bring in the required investments made no possibility for revival for the airline.
This is the final word on Jet Airways after trying for five and a half years to resolve the airline's debt of Rs 7800 crore. It was admitted to insolvency in June 2019.

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