Jet Airways crisis: canceled all flights of Jet Airways, banks denied funding

20,000 families suffer from deteriorating condition of Jet

On September 6, 2018, the company said that it has paid the salary of 84 percent of the staff in August. On November 5, 2018, it was reported that Tata Group wants to merge and acquire 51% stake in Jet Airways and expand it into the Expansion Airlines. In December, reports of Etihad Airways talks with Jet Airways lenders. In January this year, Etihad expressed his inability to invest in Jet Airways in the current situation.

 

In February, the company stopped the operations of the four planes after the failure to pay the outstanding to the lessee. In February only the Jet Board of Directors approved the solution process and made the lenders the largest shareholder and under the terms of the settlement, founders Naresh Goyal and his wife resigned from the board of directors in March.

After All Jet Airways flights, domestic and international, have been canceled with immediate effect.

In the past, pilots of Jet Airways gathered at Mumbai's headquarters and asked Prime Minister Narendra Modi to remove Jet Airways from the crisis by referring to the job of 20,000 employees.

The group of SBI-led banks approved the debt settlement plan for Jet Airways on March 25.Accordingly, it was decided to give a loan of Rs 1,500 crore to Jet and gain majority in return.

 

After this, the founding chairman Naresh Goyal and his wife Anita Goel had reduced their equity to 25 percent and both had to resign from Jet's board.The banks have so far released only Rs 300 crore. Because of this, Jet is not able to pay salaries to the employees and was able to arrange fuel for the aircraft.The financial crisis of Jet Airways has increased. Banks have refused to provide an emergency fund of Rs 400 crore to the private sector airline. Due to the demand for such funds being dismissed, the company has temporarily decided to stop the service.According to Civil Aviation Secretary Pradeep Singh Khurla, only five aircraft of Jet Airways were operating on Tuesday, while on Monday seven of its aircraft were flying.

source : internet.