The Supreme Court on Thursday dashed all hopes of a revival of Jet Airways as it ordered liquidation of the firm, which had been undergoing the insolvency resolution process for over five years.
A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra set aside the National Company Law Appellate Tribunal (NCLAT) ruling that upheld the transfer of the airline's ownership to Jalan Kalrock Consortium (JKC).
The bench stated that the liquidation was in the interest of creditors, workers, and other stakeholders of Jet Airways.
The court noted JKC's failure to infuse the promised funds of ₹350 crore to revive the cash-strapped airline.
This story is from the November 08, 2024 edition of The New Indian Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 08, 2024 edition of The New Indian Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
TECH PARK BOOST WILL STRESS BENGALURU MORE
THE ministry of electronics and information technology has listed 89 tech parks to be created or expanded in Bengaluru, eyeing a major infrastructure push aimed at bringing in foreign and domestic investments.
LIFE IS BUT A RACE
Sanjeeva Rao Guthi's artwork reflects on whether the drive for progress leads to fulfillment or simply propels an endless race
LOW-CODE HERE TO STAY FOR ASIA-PACIFIC FIRMS
OW-CODE adoption continues to accelerate across APAC (Asia-Pacific) as one-third (33%) of enterprises recognised it as a critical tool for driving automation and future-proofing their businesses.
Why Australia plans to ban social media for those Under 16 years of age
IN what could be a world-first, the Australian government has proposed a ban on children under 16 from using social media platforms such as X, Facebook, TikTok, and Instagram.
Improved Assam put up a fight against Tamil Nadu on Day 2
THERE was a time when Assam relied heavily on outstation players to put up a good fight against strong teams. But better exposure and the setting up of academies by the BCCI in the North East zone have resulted in the growth of homegrown players who now have the uncanny ability to fight.
WC heartbreak to dream debut: Thakor's tale of perseverance
WHEN Smriti Mandhana informed Saima Thakor that she would be making her India debut the next day on the bus ride back to the hotel in Ahmedabad, the Mumbai pacer didn't feel anything for a brief while.
WORRIED ABOUT LOSING BADLY: LIREN
Given his struggles on & off the board in recent times, Chinese GM feels he is the underdog ahead of Gukesh clash
Inter sink Arsenal, Atletico hit late to overcome PSG
A HAKAN Calhanoglu penalty gave Inter Milan a 1-0 victory over Arsenal in the Champions League on Wednesday, while a 93rd-minute winner ensured Atletico Madrid left Paris with all three points.
Blasters lose in controversial fashion
KERALA Blasters suffered their third successive defeat in the ongoing season of the Indian Super League, here on Thursday.
Jurel makes an impression in MCG, Rahul misses out
WHEN the Indian team management and selectors decided to advance KL Rahul and Dhruv Jurel's departure to Australia, they had good reason.
