Aviation

No More Jet Airways. Supreme Court Says “No Choice”, Orders Liquidation

Jet Airways was once one of India’s leading airlines, known for its service and extensive network. Founded in 1993, it served millions of passengers, connecting cities across India and international destinations.

However, since grounding its flights in April 2019, Jet Airways has struggled to navigate financial turbulence, leading to years of efforts to revive the airline and return it to the skies.

On Thursday, the Supreme Court ordered the liquidation of Jet Airways, citing “no choice” but to take this decisive step after the resolution plan failed to meet creditor obligations. The court invoked its extraordinary powers under Article 142, which allows it to make orders for “complete justice” in any case, overriding previous tribunal rulings.

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The Jalan-Kalrock Consortium (JKC), which had won the bid to revive Jet, faced criticism for not fulfilling payment commitments to creditors, which included major banks like the State Bank of India and Punjab National Bank.

The Supreme Court’s ruling pointed to “peculiar and alarming” issues surrounding the resolution plan’s implementation, leading to its conclusion that liquidation was the only feasible outcome.

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Chief Justice DY Chandrachud, alongside Justices JB Pardiwala and Manoj Misra, emphasized that while liquidation should be a last resort, it was necessary as the resolution plan was “no longer capable of implementation.”

In line with this decision, the court ordered that the ₹200 crore already infused by JKC be forfeited and directed the National Company Law Appellate Tribunal (NCLAT) in Mumbai to appoint a liquidator to oversee the process.

JKC, a partnership between Murari Jalan, a UAE-based Indian entrepreneur, and Florian Fritsch, a Jet shareholder through Kalrock Capital Partners Limited, had taken ownership of Jet Airways two years after it was grounded. The consortium’s inability to fulfill its financial obligations has now led to this final verdict, marking the end of an era for Jet Airways in India.

Aviation

COMAC Unveils Plans for the C929 to Rival Airbus and Boeing

After the success of China’s first C919 aircraft, the country is setting its sights on developing a larger plane. COMAC (Commercial Aircraft Corporation of China) has officially confirmed plans to build a widebody aircraft, marking a significant step in its aircraft lineup.

Traditionally, Airbus and Boeing dominate the widebody aircraft market, with decades of expertise in developing planes and engines capable of carrying heavy payloads. China, which currently relies on imported engines, is now aiming to challenge these giants with its own widebody jet, the C929, designed to compete with the Airbus A350 and Boeing 777.

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The C929 will be China’s first independently developed long-range widebody aircraft. It adheres to international airworthiness standards and boasts independent intellectual property rights. The baseline version is designed to seat 280 passengers and offers a range of 12,000 kilometers, catering to global demand for both regional and international air travel.

Russia, which also needs reliable narrowbody and widebody aircraft, could become a key customer for the C929. Additionally, China plans to target the broader Asian market as it continues to expand its aviation capabilities.

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China’s aviation progress includes the ARJ21 (now called C909), a regional jet with 100 seats for shorter routes, and the C919, a narrowbody jet with 180 seats designed to rival the Boeing 737 MAX and Airbus A320. Both models have found increasing demand in the domestic market.

At China’s largest air show in Zhuhai, COMAC announced that Air China will be the launch customer for the C929 widebody jet, though details about order size and delivery timelines were not disclosed.

Other major deals announced by COMAC include:

Hainan Airlines: Firm orders for 60 C919 and 40 C909 regional jets.
Colorful Guizhou Airlines: 30 C909 jets, with 20 firm orders and 10 provisional agreements.

The C929, renamed from the CR929 after Russia withdrew from the joint development project in 2023, is expected to carry 280–400 passengers with a range of 12,000 kilometers, competing directly with Boeing’s 787 Dreamliner.

According to COMAC’s deputy general manager, Tong Yu, the first fuselage section of the C929 is expected by September 2027, with prototype test flights anticipated soon after.