The supreme court of India orders liquidation of Jet Airways

https://business-standard.com/companies/news/sc-orders-liquidation-of-jet-airways-rejects-nclat-s-approval-of-takeover-124110700617_1.html

Invoking its extraordinary powers under thw article 142 of the constitution of India, today (November 07, 2024) the supreme court of India directed the Mumbai bench of the National Company Law Tribunal (NCLT)
to appoint a liquidator and in a timely yet expedited manner
commence liquidation of the assets of Jet Airways.

The supreme court set aside the earlier NCLAT order which had approved a resolution plan allowing the cash-strapped company's ownership to be transferred to the SRA (Successful Resolution Applicant) backed by Florian Fritsch, Murari Lal Jalan.. without complete payment in advance.

The supreme court took cognisance of the "peculiar and alarming" circumstances that kept the resolution plan from being implemented, even though five years have passed.

The Jalan-Kalrock Consortium (formed by UAE based non-resident Indian Murari Lal Jalan and Kalrock Capital Partners of Florian Fritsch) had already infused INR 200 crores into the revival of the beleaguered debtor.
This amount now stands forfeited as per the orders of the Supreme Court of India.
https://livemint.com/companies/news/jet-airways-lenders-jalan-kalrock-consortium-jkc-supreme-court-bankruptcy-airline-sbi-nclt-resolution-plan-ownership-11727357664706.html
It may be recalled, that at an earlier hearing on September 26, 2024
the creditors had informed the Supreme Court of India, that Jalan-Kalrock Consortium (JKC) the SRA (Successful Resolution Applicant) was in breach of a previous Supreme Court directive requiring the JKC to deposit rupees one hundred and fifty crore to complete the first tranche.

Back in September 2024, State Bank of India and other lenders had informed the Supreme Court
that out of the ₹4,783 crore promised to them as per the resolution plan, which is to be paid over 5 years,
the lenders had received only ₹200 crore.
As per the Supreme Court order dated November 07, 2024
this (₹200 crores) now stands forfeited.


This is still a developing story, at the details may get clearer once the judgement is uploaded.