The apex court order came after the resolution plan approved by the National Company Law Appellate Tribunal (NCLAT) was not implemented for over five years. Since the successful bidder for the airline, the JKC, had failed to comply with the conditions of the resolution plan, the apex court ordered for the liquidation of the airline.
Using its special powers under Article 142 of the Constitution, the Supreme Court decided to liquidate the airline after noting that the JKC had not fulfilled key obligations outlined in the resolution plan.
This story is from the November 08, 2024 edition of The Daily Guardian.
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This story is from the November 08, 2024 edition of The Daily Guardian.
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