Published: Wed, April 17, 2019
Economy | By

Jet Airways set to ground operations, as banks refuse lifeline yet again

Jet Airways set to ground operations, as banks refuse lifeline yet again

As a result, large parts of the airline's fleet had not been flying for weeks and thousands of flights were cancelled. Sad that so many Airlines have bitten the dust in India.

Accordingly, the last flight will leave the Amritsar airport at 2230 hrs for New Delhi as per its flight schedule.

Jet Airways had requested emergency funds worth Rs 400 crore from the State Bank of India-led consortium of lenders to stay afloat but its request was rejected.

The airline has also informed the DGCA, and the ministries of civil aviation and finance, and other relevant government institutions of this course of action.

The airline said it would continue to work with its lenders, who are trying to identify an investor willing to buy a majority stake in the airline and attempt to turn it around.

"With immediate effect, we are compelled to cancel all our global and domestic flights".

The cash-strapped airlines Tuesday said it is awaiting "emergency liquidity support" from the SBI-led consortium of lenders to arrest the further deterioration in its services.

The airline said its last flight would operate on Wednesday as it was not able to pay for fuel and other critical services. Among the other things discussed were the steadily increasing fares on other airlines and flight cancellations with Jet Airways steadily reducing its operations. The bid documents inter alia has solicited plans for a quick revival of the company. The bid process will conclude on 10th May 2019 ...

Expressing solidarity with Jet Airways founder Naresh Goyal, Mallya said that though Goyal was his competitor, the Jet Airways founder deserves credit for building an airline which made every Indian proud. But, thus far, they have disbursed less than Rs 300 crore, that too in small amounts, citing procedural delays.

India's embattled Jet Airways Ltd is set to temporarily halt operations from Wednesday onward after its lenders rejected the airline's plea for emergency funds, three sources from inside the company said on Wednesday.

Earlier on Tuesday, Indian business channel BTVI said Jet's board had authorized Dube to seek a minimum of 4 billion rupees (S$78 million) in interim funding, and had advised him to ground the airline if no funds materialized. "We also appeal Prime Minister Narendra Modi to save 20,000 odd jobs at the airline", National Aviator's Guild ( NAG) vice president Adim Valiani told reporters at the airline's headquarter, Siroya Centre, in Monday.

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