India's Supreme Court Orders Liquidation of Jet Airways Following Failed Revival Efforts

India's Supreme Court has ordered the liquidation of Jet Airways, once the country's second-largest airline, following a protracted five-year bankruptcy process. This decision marks the end of efforts to revive the troubled carrier, which was the first Indian commercial airline to enter bankruptcy proceedings.

The ruling came after the Jalan-Kalrock Consortium, which had won the bid to revive Jet Airways, failed to fulfill the terms of its agreed-upon revival plan. The consortium had not infused the required funds for the transfer of ownership, a key condition set by the bankruptcy court. Consequently, the Supreme Court overturned an earlier tribunal order to transfer ownership to the consortium.

A bankruptcy court in Mumbai will now appoint a liquidator to oversee the airline’s assets. According to the court's decision, any investments made by the consortium to date will be forfeited, and all bank guarantees will be invoked, bringing a definitive end to Jet Airways' revival efforts.