Jet Airways won't be returning to the skies.
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The Supreme Court has ordered liquidation of the grounded carrier, after a consortium of UK-based Kalrock Capital and the UAE-based entrepreneur, Murari Lal Jalan, failed to implement its resolution plan.
The Naresh Goyal-founded airline, which was once considered India's best, had stopped flying in April 2019 after it ran out of money and couldn't service its debt.
Putting an end to the five-year-long insolvency process, the Supreme Court on Thursday said liquidation must be available to lenders as a last resort since the resolution plan can no longer be implemented.
The apex court rejected the takeover bid.
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