The Supreme Court on Thursday ordered liquidating grounded Indian carrier Jet Airways, saying "it had no choice" but to do so.
The Bench of Chief Justice of India (CJI) D Y Chandrachud and judges J B Pardiwala and Manoj Misra said liquidation was the best option because the Jalan-Kalrock Consortium (JKC), the successful bidder for the airline, failed to implement the resolution plan even five years after its approval.
"We hold that the successful resolution applicant has contravened the terms of resolution plan and the corporate debtor is directed to be taken into liquidation. The fundamental concern is not to do substantial justice but also bring speedy disposal of dispute. The determination of the resolution plan has been contravened. Since it is not possible to implement the resolution plan, we have to ensure that liquidation remains an option for the corporate creditor," the judgment said.
Before pronouncing the order, Justice Pardiwala orally said: "This litigation is an eye-opener, and has taught us many lessons about the Insolvency and Bankruptcy Code (IBC) and the functioning of National Company Law Appellate Tribunal (NCLAT)."
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