From Rescue to Ruin: The Supreme Court’s Judgment in Jet Airways and the Future of Airline Insolvencies

Introduction

On November 07, 2024, the Supreme Court of India (“Court”) in its judgment in State Bank of India & Ors. vs. The Consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch & Anr.,[1] directed the liquidation of Jet Airways (India) Limited (“Jet”), bringing an end to the five-year long saga of efforts to revive the beleaguered airline.

Filed under:
India, Aviation, Insolvency & Restructuring, Litigation, S&R Associates, Civil aviation, Jet Airways, Insolvency and Bankruptcy Board of India, State Bank of India, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal, Transport
Authors:
Aparna Ravi , K J Chendhil Kumar
Location:
India
Firm:
S&R Associates
The Next Phase of the IBC - Introducing Pre-packs for MSMEs

Ever since the pandemic induced stress began, there has been talk of the Government introducing pre-packaged insolvency resolution processes (“pre-packs”) into the Insolvency and Bankruptcy Code, 2016 (“IBC”).  Prevalent in other jurisdictions either through statutory provisions or market driven mechanisms, pre-packs aim to provide a more debtor-friendly, cost-effective and faster resolution process in situations where there may already be a broad consensus between debtor and creditors for a resolution.

Filed under:
India, Insolvency & Restructuring, SAMVĀD: PARTNERS, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
Authors:
Aparna Ravi
Location:
India
Firm:
SAMVĀD: PARTNERS