After a long and arduous litigation Jet Airways’ insolvency woes have finally reached a conclusion. At least that is the hope unless the litigation is taken to the Supreme Court. Having said that, the National Company Law Appellate Tribunal (“NCLAT”) in its decision dated 12.03.2024, in Company Appeal (AT) (Insolvency) No. 129 & 130 of 2023, approved the transfer of ownership of Jet Airways to the Jalan Kalrock Consortium (“JKC”). This hopefully leads the path for the commencement of a new era for the airline.
Prior to 2019, Jet Airways operated as one of India’s leading airlines. However, owing to the significant debt, high operational cost, exorbitant fuel prices, etc., coupled with the cut-throat competition of the aviation sector, Jet Airways halted its operations on 17.04.2019.
Please click here to read the full article by Poonam Verma Sengupta and Pradyumn Amit Sharma, published in Lexology.
Poonam has been actively involved in the disputes and corporate practice of the firm with primary focus in the Energy and Transportation Sector. For over a decade with the firm, Poonam has specialized in Power and Aviation Sectors.