How did the Supreme Court perceive Article 142 of the Constitution to order liquidation and what were the broader systemic reforms it suggested in the case of State Bank of India & Ors. v. The Consortium of Mr. Murar

Article 142 of the Constitution gives the Supreme Court extraordinary power to pass any order necessary to do complete justice in any matter before it. Normally, liquidation under the IBC follows a specific procedure, an application before the NCLT, etc. But the Court found that the facts here were so alarming, and so many years had been wasted, that waiting for the regular process would cause further injustice to creditors, workers, and the public. In the case of State Bank of India & Ors. v. The Consortium of Mr. Murari Lal Jalan and Florian Fritsch & Anr. (Jet Airways Case) , the Supreme Court inter alia observed that despite several years of CIRP, the approved resolution plan had failed, implementation had stalled, and the interests of creditors, employees and other stakeholders were seriously prejudiced. Considering the exceptional circumstances, the Supreme Court invoked its powers under Article 142 of the constitution and ordered Jet Airways into liquidation, terming the case as an "eye opener". Supreme Court recognized the systemic issues in the functioning of the IBC and made some suggestions/observations, including the following: Inadequate infrastructure to support functioning of NCLT/NCLAT Tribunals need better-qualified members and must sit for full working hours; Persons with high ideals & impeccable integrity should be appointed as Members in the NCLT as well as NCLAT. There should not be any political appointment; The Committee of Creditors (CoC) should give reasoned decisions. Need of a Code of Conduct for CoC; The IBC should mandate a statutory Monitoring Committee after plan approval;