Satish Kumar Gupta has been appointed as the liquidator for Jet Airways by the National Company Law Tribunal (NCLT). The NCLT ruled on November 27 that Jet Airways India Limited should be liquidated in accordance with the Insolvency and Bankruptcy Code, 2016.
The liquidator's main task is to try to sell the company as a going concern within 90 days. If this is not possible, the liquidator will follow the necessary procedures outlined in the liquidation process regulations.
The decision to liquidate the airline and forfeit Rs 200 crore from the Jalan Kalrock Consortium, the successful bidder, was made following a recent Supreme Court ruling. In addition, lenders led by State Bank of India (SBI) have been given permission to encash a Rs 150 crore performance bank guarantee.