New Delhi : A big information has come to light regarding Jet Airways which is drowning under the burden of debt. The Supreme Court has decided to take action against this airline. On Thursday, the Supreme Court, using its special constitutional powers, has ordered to sell the assets of the aviation company Jet Airways, which has been closed for several days.
Chief Justice D.Y. Chandrachud and Justice J. B. A bench of Justice Pardiwala and Justice Manoj Mishra rejected the decision of the National Company Law Appellate Tribunal (NCLAT) to uphold the resolution plan of Jet Airways and approve the transfer of its ownership to Jalan Kalrock Consortium, or JKC.
payment of debts with money
Delivering the verdict on behalf of the bench, Justice Pardiwala accepted the plea of SBI and other lenders against the NCLAT decision. The petition opposes the decision to retain Jet Airways' resolution plan in favor of JKC. The Supreme Court has said that liquidation of the aviation company is in the interest of creditors, workers and other stakeholders. In the process of liquidation the debts are paid off from the money received by selling the company's assets.
authority to issue decrees
The bench also reprimanded NCLAT for its decision. The Supreme Court exercised its special powers under Article 142 of the Constitution, which empowers it to issue orders and decrees to ensure complete justice in any case or matter pending before it.
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moved the court
NCLAT had on March 12 upheld the resolution plan of the defunct airline and approved the transfer of its ownership to JKC. State Bank of India i.e. SBI, Punjab National Bank i.e. PNB and JC Flowers Asset Reconstruction Private Limited had moved the court against the NCLAT decision.
Bankruptcy process started
Actually, due to financial problems, Jet Airways had to be closed on 17 April 2019. State Bank of India had given the maximum loan to this airline, as a result of which this bank had started insolvency process against the company in front of NCLT Mumbai.
(with agency input)
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