Jet Airways Ownership Saga Awaits Supreme Court Verdict

The Supreme Court has reserved judgment on a plea by State Bank of India and other creditors contesting the NCLAT's decision favoring the transfer of Jet Airways' ownership to the Jalan Kalrock Consortium. Despite delays and financial disputes, the consortium has fulfilled its financial commitments and eyes a 2024 relaunch.

The Supreme Court reserved its verdict on a plea by State Bank of India and fellow creditors challenging the NCLAT's ruling that endorsed the transfer of Jet Airways' ownership to the Jalan Kalrock Consortium.

The decision came after hearing submissions from Additional Solicitor General N Venkatraman and senior advocate Mukul Rohatgi, representing the banks and the consortium, respectively. At the heart of the matter are disputes over payments and commitments under the resolution plan.

Despite facing delays, the consortium claims it has completed necessary financial contributions. Jet Airways, grounded since 2019, plans to resume operations by 2024, having undergone an insolvency resolution process.

(With inputs from agencies.)