Lhe Indian justice on Thursday ordered the final liquidation of the airline Jet Airways, the end of five years of a procedure begun during its bankruptcy in 2019 with a debt estimated at 1.2 billion dollars.
Once ranked second among Indian companies, Jet Airways had interrupted its flights and then was placed in suspension of payments in 2019.
As part of the liquidation procedure, a court last year authorized the company’s shareholders to sell it to a consortium of buyers including Indian businessman Murari Lal Jalan, based in the United Arab Emirates.
But this decision was challenged on appeal by certain shareholders of Jet Airways. The Supreme Court definitively buried this solution on Thursday, considering that the consortium of buyers did not present the necessary guarantees, particularly legal ones.
Several Indian airlines have gone bankrupt in recent years, victims in particular of their poor management or the strong competition plaguing the sector. Heavily indebted, Go First began bankruptcy proceedings last year. The company was forced to ground part of its fleet due to problems with engines supplied by the American group Pratt & Whitney.
Also read
Airlines facing the challenge of green growth
Business
Related News :