Jet Airways temporarily shuts down operations

India's Jet Airways to suspend all operations after banks reject funding request

Jet Airways cancels all flights causing passenger chaos | Daily Star

In a filing to BSE on Tuesday, Jet Airways reacted to queries from the stock exchanges on a media report that said it would "temporarily shut down its operations" stating it is awaiting emergency liquidity support from the lenders' consortium. The airline has put out a statement that it is compelled to cancel all its global and domestic flights.

The cash-strapped airline, once ranked the biggest in the market, will be flying its last flight on Wednesday night after it failed to secure a bailout.

Referring to his offer to repay 100 per cent of his loans to Indian banks and government, Mallya said, "I invested hugely into Kingfisher which rapidly grew to become India's largest and most awarded airline". Jet Airways has sought interim funding of ₹400 crore from its lenders, PS Kharola, Secretary of Civil Aviation, said on Tuesday. The Founder of Jet Airways, Naresh Goyal, has been strongly criticized for the strategy the airline undertook and sources in India have laid the blame for Jet's troubles directly with his management style.

This comes after the airline had already grounded most of its fleet and temporarily cancelled large amounts of flights, including all worldwide services.

"Unfortunately, despite its very best efforts, the airline has been left with no other choice today but to go ahead with a temporary suspension of flight operations", the statement reads.

Separately, an Indian government official said funding was likely to come through and that the banks were not looking to take Jet to bankruptcy court.

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Over the last several weeks and months, the company has tried every means possible to seek both interim and long-term funding.

A Jet Airways button is seen pinned on a pilot's shirt during a gathering outside the company's headquarters in Mumbai, April 15, 2019.

Before its last flight tonight from Amristar to Delhi, Jet's fleet diminished to just five aircraft and 37 flights from 123 planes and some 650 daily flights till December last. Meanwhile, a State Bank of India (SBI) led consortium of 13 Indian banks continue their attempt to enforce a worldwide freezing order upheld by the UK High Court in May previous year through a number of follow up court orders to try and recoup some of the GBP 1.145 billion owed to them.

If Jet fails to attract a buyer and collapses that would put thousands of Jet's employees out of jobs, many of whom have been unpaid for weeks or months, and affect thousands of others whose jobs are tied to the fortunes of the airline.

"For example, we don't have an answer today to the very important question of what happens to the employees during the sale process", he said.

India's aviation regulator said on its website on Wednesday that lessors had applied to deregister another four Boeing 737 planes.

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