Jet, Set, Liquidate: Supreme Court Orders Liquidation of Jet Airways

The Supreme Court's ruling on Jet Airways' insolvency proceedings highlights the critical issues surrounding the adherence to resolution plans under India's Insolvency and Bankruptcy Code (IBC).

In this case, Jet Airways' resolution applicant failed to comply with the terms, including improperly using a Performance Bank Guarantee (PBG) and non-payment of dues to employees.

The Court stressed that all payments should be made in cash and prioritized the rights of creditors and employees. Despite multiple extensions, the Court ultimately directed liquidation, underscoring the IBC's focus on efficiency and corporate governance.