Jet Airways was one of the most successful private enterprises that emerged after the liberalization of India’s economy in the early 1990s. Over time, it became a premier airline in the country, favored by many, particularly those looking for other options than the state-run Indian Airlines and Air India.

Jet Airways, once India‘s second-biggest carrier, is to be liquidated, the country’s Supreme Court ruled Thursday, ending a tumultuous five-year insolvency resolution saga for the bankrupt airline.

India's Supreme Court has ordered the liquidation of the beleaguered Jet Airways, officially ending any hopes of a revival more than five years after the airline went bankrupt.

While the book value of all of Jet Airways assets may amount to around Rs 1,000 crore, 13 percent of the dues pending to financial creditors, of the airlines and 6.4 percent of the total admitted claims against the airline,

It will be the end of an era as Jet Airways fades into oblivion, with the Supreme Court ordering liquidation of its assets. Along with the assets, it will be requiem or nostalgic moments of luxury: service and ambition.

The Supreme Court on Thursday said that the Jet Airways case has been an eye-opener which has brought to light deficiencies in the Insolvency and Bankruptcy Cod