{"id":11871,"date":"2024-11-08T14:50:25","date_gmt":"2024-11-08T09:05:25","guid":{"rendered":"https:\/\/nepalsamaj.com\/en\/?p=11871"},"modified":"2024-11-08T14:50:25","modified_gmt":"2024-11-08T09:05:25","slug":"indian-court-orders-liquidation-of-jet-airways","status":"publish","type":"post","link":"https:\/\/nepalsamaj.com\/en\/indian-court-orders-liquidation-of-jet-airways\/","title":{"rendered":"Indian court orders liquidation of Jet Airways"},"content":{"rendered":"
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India’s top court has ordered the liquidation of bankrupt airline Jet Airways, ending a five-year-long legal process that began when the full-service carrier collapsed in 2019 with $1.2 billion in debt.<\/p>\n

Once the country’s second-largest airline, Jet Airways stopped operating five years ago after it ran out of cash and its planes were grounded, with lenders forcing it into bankruptcy proceedings the same year.<\/p>\n

A national company law tribunal last year allowed ownership of the airline to be transferred to a consortium of buyers that included UAE-based businessman Murari Lal Jalan as part of the bankruptcy resolution process.<\/p>\n

But concerns raised by lenders over how the resolution process was executed led to court appeals.<\/p>\n

India’s Supreme Court overturned the ownership transfer on Thursday, saying the consortium had not met legal conditions for a takeover and to allow the buyout to proceed would be “perverse and unsustainable in law”.<\/p>\n

The court also decreed that a bankruptcy court in Mumbai should begin “necessary formalities for commencement of liquidation”, a process that will see sale of the airline’s assets.<\/p>\n

The world’s most populous country’s aviation sector is fiercely competitive and several airlines have run aground because of some combination of poor management, overleveraging and adverse market conditions.<\/p>\n

Debt-laden Indian budget airline Go First filed for bankruptcy protection last year, blaming “faulty” engines from US aerospace company Pratt & Whitney for the grounding of about half its fleet.<\/p>\n

Kingfisher Airlines closed in 2012 after it failed to repay loans worth millions of dollars to state-owned banks.<\/p>\n

Its owner, beer tycoon Vijay Mallya, fled India four years later and is battling his extradition from London to face financial fraud charges back home.<\/p>\n","protected":false},"excerpt":{"rendered":"

India’s top court has ordered the liquidation of bankrupt airline Jet Airways, ending a five-year-long legal process that began when the full-service carrier collapsed in 2019 with $1.2 billion in debt. Once the country’s second-largest airline, Jet Airways stopped operating five years ago after it ran out of cash and its planes were grounded, with […]<\/p>\n","protected":false},"author":1,"featured_media":11872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-11871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/11871"}],"collection":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/comments?post=11871"}],"version-history":[{"count":1,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/11871\/revisions"}],"predecessor-version":[{"id":11873,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/11871\/revisions\/11873"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/media\/11872"}],"wp:attachment":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/media?parent=11871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/categories?post=11871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/tags?post=11871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}