"Left With No Choice": Supreme Court Orders Liquidation Of Jet Airways' Assets | Read

Jet Airways' assets will be liquidated, the Supreme Court said Thursday afternoon, invoking 'extraordinary' powers under Article 142 to set aside a tribunal's decision to uphold a resolution plan and transfer ownership - to the Jalan-Kalrock Consortium - without full payment to creditors.
Article 142 allows the court to make orders for 'complete justice' in any pending matter.

In this instance, the Supreme Court noted "peculiar and alarming" circumstances of the case - referring to improper implementation of a resolution plan approved five years ago - and said it was, therefore, left with "no choice but to send Jet Airways into liquidation".