The National Company Law Tribunal on Tuesday granted relief to Ace Aviation Ltd., the potential buyer for Jet Airways Ltd.'s grounded aircraft. The court has allowed an application that allows them to purchase the debt-ridden airlines' aircraft, based on an agreement reached between Ace and the monitoring committee of Jet Airways.

A three member bench of the apex court invoked its powers under Article 142 of the constitution and directed the liquidation of the grounded airline.

The Supreme Court on Thursday exercised its extraordinary constitutional powers and ordered the liquidation of grounded air carrier Jet Airways' assets. A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra set aside the National Company Law Appellate Tribunal (NCLAT) decision upholding the resolution plan of Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium (JKC).

More than five years ago on an April evening, cash-starved Jet Airways announced temporary grounding of operations after flying as a full service airline for 25 years. Since then, more than 20,000 jobs and money worth thousands of crores owed to lenders, vendors and passengers evaporated while awaiting an insolvency resolution. And today, the Supreme Court ordered the airline's liquidation, marking the formal completion of a turbulent journey into the sunset and shattering lean revival hopes.

The Covid-19 pandemic has dealt a severe blow to the already grounded and insolvent Jet Airways. About 40 people who were a part of Jet’s asset preservation team were let go earlier this week.

Crisis-hit Jet Airways Monday said it was working out a "mutually acceptable" arrangement regarding salary dues.Salary payments have been delayed for many employees, including pilots. The airline management had promised to clear salary dues of its pilots by March."We wish

More aircraft of beleaguered private carrier Jet Airways have been grounded, mainly due to non-payment to lessors, taking the total number to 49, senior DGCA official said Thursday."At this moment, they (airline) have 70 aircraft that are operational. At early December,

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