In a decisive ruling, the Supreme Court has directed the liquidation of Jet Airways under the Insolvency and Bankruptcy Code (IBC), using its powers under Article 142 of the Constitution. This move overturns the National Company Law Appellate Tribunal (NCLAT) order, which had previously allowed ownership transfer to the Jalan KalRock Consortium (JKC), the successful bidder in the Corporate Insolvency Resolution Process. Jet Airways, grounded since 2019, owes major debts to lenders, including its largest creditor, the State Bank of India (SBI). JKC was expected to inject Rs 350 crore initially as part of a Rs 4,783 crore revival plan.