Jet Airways chairman steps down as banks move in with rescue plan

Jet Airways founder Naresh Goyal steps down amid crisis

Jet Airways founder Naresh Goyal, wife Anita step down from board

Saddled with more than $1 billion of debt, Jet is struggling to stay afloat. "The main agenda, however, is to get interim funding", said a source.

If your flight is cancelled within 72 hours of departure, you should ideally call the airline, or if you can, visit the airline's ticketing office, usually at the airport. "That is the best process", Srinivas said, in response to a query on whether Jet Airways qualified for bankruptcy proceedings.

Goyal will cease to be the chairman of the airline.

As per media reports, the lenders had pushed Naresh Goyal to exit the debt ridden company to inject funds in the airline. "The option is open for anyone including Naresh Goyal and Etihad to bid for the stake", Kumar said.

Jet Airways, which is facing a severe cash crunch, defaulted on a domestic loan repayment in December.

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As a result, the stake of promoter Goyal will come down to 25 percent from 50 percent, while Abu Dhabi's Etihad Airways, which had a 24 percent stake in the carrier, came down to 12 percent.

The SBI-led consortium of lenders is working on a resolution plan for the cash-strapped Jet Airways for the last five months.

Bidding process to be initiated by lenders for sale to new investor (s), the process expected to be completed in June quarter as per the resolution plan.

Shares of Jet Airways jumped over 15 percent on the BSE to end at Rs 260. It also needs to pay months' worth of salaries to pilots and other senior employees.

"Today is indeed a sad day for Indian aviation", said Ajay Singh, chairman and managing director at rival SpiceJet, adding that Goyal made India proud by launching a "world class" airline. "We urgently need to address structural challenges that make India's airlines uncompetitive to airlines around the world", he said.

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