Before the Supreme Court on October 16, JKC’s lawyer, Senior Advocate Gopal Sankaranarayanan submitted that the NCLAT had rendered detailed judgment on all the issues and the lenders had not raised any substantial questions of law in the appeal.

“The NCLAT judgment is divided into questions. They devote 35 pages to the interpretation of the Supreme Court’s judgment of January 2024. The only question before the NCLAT was whether the conditions precedent (CP) had been met. No substantial question of law was presented to this court. A lot of prejudices have been created (against JKC),” he said.

Further, he argued that lenders were in a difficult situation due to SBI’s decision to extend thousands of crores of loans to the previous management of Jet Airways.

“I’m not the bad guy, I’m trying to get the company back on track.

Sankaranarayanan argued that it was because of the lenders’ decision to prolong the litigation that the airline’s airport taxes accumulated.

Responding to these arguments, the Additional Solicitor General N Venkataraman contended that JKC had no intention of implementing the resolution plan.

“The Committee of Creditors, which includes over 30 banks, will have to bear the airport taxes of ₹1,100 crore, according to their claim. Neither the CoC nor the employees will get anything. The resolution plan will become unachievable“.

Venkataraman urged the apex court to use its inherent powers under Article 142 of the Constitution to wind up the company to avoid another round of litigation.

The ASG also clarified that the government has no intention of bringing down the airline.

“Every time this question is heard, the media says that the government is dismantling one airline or another. We don’t do that. In this matter, we have no choice.” he said.

Venkataraman reiterated that lenders are spending more money in the case of Jet Airways rather than recovering it. According to ASG, lenders spend over ₹20 crore per month and have so far spent over ₹300 crore.

With the liquidation plea of ​​Go First should be heard on November 8 The coming week is likely to be an important one for the Indian aviation sector as a whole.