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Informist, Thursday, Dec. 18, 2025

 

NEW DELHI – The National Company Law Appellate Tribunal Thursday asked the liquidator of debt-ridden Jet Airways (India) Ltd. to take "speedy steps" to liquidate the company's assets. In November 2024, the Supreme Court had ordered liquidation of Jet Airways after UK's Kalrock Capital and United Arab Emirates-based entrepreneur Murari Lal Jalan failed to implement the resolution plan.

 

The erstwhile workers of Jet Airways had filed a petition in the appellate tribunal and argued that the Mumbai bench of the National Company Law Tribunal had extended the period for liquidation on an application filed by the liquidator but no timelines had been fixed. In view of the observations of the Supreme Court in 2024, the liquidator ought to have taken speedy steps to liquidate the assets of the corporate debtor, said the workers.

 

The liquidator said that the Mumbai tribunal, while the appeal was pending, had passed an order extending the liquidation of the airline till May 26, 2026. "In view of the subsequent order, the liquidation has already been extended till 26.05.2026 (May 26, 2026), we are of the view that no issue needs to be decided in the present appeal," said the appellate tribunal.

 

Jet Airways has been grounded since 2019 after the Mumbai tribunal admitted State Bank of India's insolvency petition against the company. In the insolvency process, the Jalan-Kalrock consortium emerged as the winning bidder to take over the airline in 2021. Thereafter, the case has seen multiple rounds of litigation across various forums over the failure of the consortium to release money on time as well as the failure to get necessary permissions from civil aviation authorities to revive the airline. While the consortium had maintained that it is in a position to implement the revival plan, the lenders termed its claim as akin to "fantasy".  End

 

Reported by Surya Tripathi

Edited by Ashish Shirke

 

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