Jet Airways Rescue: Supreme Court Awaits SBI Challenge Verdict

The Supreme Court reserved its judgement on SBI's challenge against NCLAT's decision that permitted the transfer of Jet Airways' ownership to Jalan Kalrock Consortium. Disputes continue over financial obligations and resolution plan adherence, with SBI and other creditors questioning the consortium's compliance.

The Supreme Court has reserved its judgement following a plea from the State Bank of India (SBI) and other creditors challenging the transfer of Jet Airways' ownership to the Jalan Kalrock Consortium, as approved by the National Company Law Appellate Tribunal (NCLAT).

A bench led by Chief Justice of India D Y Chandrachud and Justices JB Pardiwala and Manoj Misra heard arguments on the matter. Controversy surrounds the resolution plan, with state banks like SBI opposing it while the consortium claims it is fulfilling its obligations.

The Jalan Kalrock Consortium was tasked with reviving Jet Airways following financial distress and insolvency resolution in 2019. However, the plan has faced hurdles, including allegations from banks about unmet financial obligations and procedural delays.

(With inputs from agencies.)