It is the end of the runway for ailing Indian airline Jet Airways.
India’s Supreme Court has ordered Jet Airways be liquidated a full five years after all of its flights were grounded, news portal Travel Mole reports.
The airline had been in limbo for half a decade.
India’s highest court overruled National Company Law Appellate Tribunal’s approval of the airline’s takeover by UK-based Kalrock Capital and UAE businessman Murari Lal Jalan.
The years-long saga comes to an end after countless rulings and appeals and the court ruled the proposed investors have failed to deliver the promised funds required.
Liquidation is in the best interest of Jet Airways’ creditors and employees, the Supreme Court said.
Jet’s main creditor State Bank of India started insolvency proceedings against the airline when it grounded all flights amid severe financial difficulties.
The Kalrock-Murari consortium emerged as successful bidders back in 2021 but faced numerous legal challenges and missed bankruptcy court deadlines.
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