Supreme Court to Decide Fate of Jet Airways' Ownership Transfer

The Supreme Court will announce its ruling on a plea by SBI and others against the NCLAT decision approving Jet Airways' transfer to the Jalan Kalrock Consortium. The banks argue that the consortium failed its financial obligations, while JKC claims creditor delays in the resolution process.

The Supreme Court is set to deliver its verdict this Thursday on a crucial plea by State Bank of India (SBI) and other creditors. They are contesting the National Company Law Appellate Tribunal's (NCLAT) decision to uphold the resolution plan for the troubled Jet Airways, which includes transferring ownership to the Jalan Kalrock Consortium (JKC).

The judgment will be pronounced by Chief Justice D Y Chandrachud alongside Justices J B Pardiwala and Manoj Misra, after reserving their decision on October 16. The NCLAT's March 12 ruling had directed the Jet Airways monitoring committee to facilitate the transfer of ownership within 90 days, a directive now under scrutiny.

SBI, Punjab National Bank, and JC Flowers Asset Reconstruction have challenged the NCLAT's decision, criticizing the JKC for failing to meet its financial obligations under the resolution plan. These obligations included cash infusion and property mortgage commitments. JKC argues that lender-caused delays hindered operational progress.

(With inputs from agencies.)