The Supreme Court overturns the NCLAT ruling and orders Jet Airways to be liquidated.
Setting aside an order of the NCLAT, the Supreme Court has ordered the liquidation of Jet Airways
prativad 
On Thursday, the Supreme Court used its exceptional constitutional authority to order the disposal of the assets of Jet Airways, a grounded airline.
The National Company Law Appellate Tribunal's (NCLAT) ruling supporting Jet Airways' resolution plan was overturned by a bench consisting of Chief Justice D Y Chandrachud, Justices J B Pardiwala and Manoj Misra, and the ownership transfer to Jalan Kalrock Consortium (JKC) was authorized. Justice Pardiwala, who delivered the bench's ruling, granted SBI and other creditors' appeal against the NCLAT ruling that supported Jet Airways' resolution plan in favor of JKC.
It said the liquidation of the air carrier was in the interest of creditors, workers and other stakeholders.
The bench rapped NCLAT for its decision.
The top court used its powers under Article 142 of the Constitution which gives it the power to make orders and decrees to ensure complete justice in any matter or cause pending before it.
The NCLAT on March 12 upheld the resolution plan of the grounded air carrier and approved the transfer of its ownership to JKC. The SBI, Punjab National Bank (PNB) and JC Flowers Asset Reconstruction Private Limited have challenged the NCLAT verdict.
