NCLT appoints liquidator in Jet Airways case

NCLT appoints liquidator in Jet Airways case

The Mumbai bench of the National Company Law Tribunal (NCLT) has appointed Satish Kumar Gupta as the liquidator of Jet Airways India Limited, following the State Bank of India’s (SBI) submission.

The Coram of Justice Virendrasingh Bisht (Judicial Member) and Prabhat Kumar (Technical Member) also ordered the lifting of the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016 directing the issuance of a public announcement.

An interlocutory application was filed by Jet Airways Cabin Crew Association seeking liquidation citing gross violation of the approved Resolution Plan (RP).

The tribunal relied on the Supreme Court ruling ordering liquidation under Article 142 of the Constitution of India.