Jet Airways (India) Limited — Others, 08-11-2024: Action(s) initiated or orders passed

Jet Airways has been ordered into liquidation by the Supreme Court of India, terminating its previous resolution plan. The ruling came after extensive delays and failures to comply with necessary financial commitments, including a performance bank guarantee. The court found that the SRA's efforts to adjust the guarantee did not adhere to the resolution plan's stipulations. Consequently, liquidation proceedings will commence, with implications for creditors and staff claims, totaling significant losses.