India’s Supreme Court has ordered Jet Airways into liquidation, concluding a five-year legal saga for the airline, which went bankrupt in 2019 under $1.2 billion in debt.

Jet Airways, once India’s second-largest airline, halted operations five years ago when it ran out of cash and was forced to ground its fleet. That same year, creditors began bankruptcy proceedings to recover debts.

In a bid to save the airline, the National Company Law Tribunal approved a transfer of ownership last year to a consortium led by UAE businessman Murari Lal Jalan. However, creditors raised concerns about the ownership transfer, leading to additional legal challenges.

On Thursday, the Supreme Court canceled the ownership transfer, stating that it didn’t meet the legal requirements and would be "distorted and unstable" under the law. The court has directed the Mumbai bankruptcy court to complete the necessary steps to start the liquidation process, overseeing the sale of the airline’s assets to pay off creditors.

India’s aviation sector is highly competitive, and many airlines have faced difficulties due to tight competition, poor management, and adverse market conditions. Last year, budget airline Go First filed for bankruptcy protection, blaming engine defects from U.S.-based Pratt & Whitney for grounding half its fleet.

Similarly, in 2012, Kingfisher Airlines shut down after failing to repay millions in loans to state-owned banks. Its owner, beer tycoon Vijay Mallya, fled India four years later and has since been fighting extradition from London, where he faces financial fraud charges.

This ruling marks the end of Jet Airways’ journey and a reminder of the intense challenges in India’s aviation industry, where even major players can struggle to survive.