Liquidator Appointed for Jet Airways Following Court Ruling

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India’s National Company Law Tribunal (NCLT) has appointed Satish Kumar Gupta as the liquidator for Jet Airways, marking a crucial step in the airline’s liquidation process. The Mumbai bench of the NCLT issued the appointment on November 26, following a Supreme Court directive earlier in the month to wind up the airline.

Gupta, a senior partner at Gupta Garg & Company, is tasked with attempting to sell Jet Airways as a going concern during liquidation. The Supreme Court criticized delays in the resolution process, declaring a recent appellate tribunal decision as “unsustainable” and highlighting prolonged complications. The liquidation order came after a failed resolution plan involving the Jalan Kalrock Consortium, whose bid to revive the airline fell apart amid legal disputes.

Jet Airways ceased operations in April 2019 due to mounting debts and a cash crunch. Once a leading carrier in India, it held a 21.2% market share in 2016, operating over 300 daily flights to 74 destinations. However, intense competition from low-cost carriers such as IndiGo and SpiceJet eroded its dominance, forcing it to halt operations. By its closure, Jet Airways was operating just five ATR72-500 aircraft on regional routes.

The liquidation process now aims to attract potential buyers, but challenges remain, given the airline’s significant financial liabilities and dwindled fleet. The move underscores the end of an era for one of India’s most prominent airlines.

Related News: https://airguide.info/?s=Jet+Airways

Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com

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