In Brief
Jet Airways Limited underwent insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. A resolution plan by a consortium led by Murari Lal Jalan was approved. A dispute arose between the Successful Resolution Applicant (SRA) and lenders (led by State Bank of India) over whether the SRA had fulfilled certain conditions precedent to operational recommencement and regarding payment obligations. The Supreme Court held that the SRA must deposit the final tranche of Rs 150 crores in cash by 31 January 2024, rather than adjusting it against a performance bank guarantee, to comply with the terms offered by the lenders. The Court emphasized timely resolution of insolvency cases and directed the NCLAT to expeditiously dispose the pending appeal.
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