Jet Airways to suspend operations from today amid lack of funds

Jet Airways to suspend operations from today amid lack of funds

Among the other things discussed were the steadily increasing fares on other airlines and flight cancellations with Jet Airways steadily reducing its operations. The email said: "As you are aware, we have been working with the lenders to secure interim funding for our operations. It is our earnest endeavour to keep all lines of communication open with you, such that you continue to be updated on all critical developments", Vinay Dube had said in the letter.

Earlier in the day, senior government officials who declined to be identified said that funds will be made available to the airline and that there was no question of the airline taking the NCLT route.

"Even though Jet was a major competitor to Kingfisher at the time I feel sorry to see such a large private airline on the brink of failure when Government used 35K crores of public funds to bail out Air India". According to Kharola, the airline operated with five aircraft on Tuesday.

The SBI is yet to announce a shortlist of prospective bidders but Indian media said four were in the running including Etihad Airways, which already owns a 24 percent stake.

Jet and its lead lender State Bank of India (SBI) did not immediately respond to requests for comment. In absence of slots and these aircraft, which are the key assets for an airline, it will be hard to sustain the interest of a buyer, industry experts said.

Once deregistered, lessors are free to reclaim a plane and lease it to another airline. However, its efforts have borne no fruit, forcing the airline to go ahead with a temporary suspension of flight operations. As per the report, Jet's last flight will take to the skies at 10.30 PM today.

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Jet will be the seventh airline to go down since May 2014 and the 13th one after East West was shuttered. Sad that so many Airlines have bitten the dust in India.

Earlier this month, the airline's fleet was significantly reduced to just five aircraft and forced to suspend global operations.

Mumbai: With the lenders rejecting a lifeline of Rs 400 crore Wednesday Jet Airways, which has been on a wing and prayer since January, informed exchanges that it is forced to cancel all operations temporarily. Now with all operations likely to shut down, you will have zero market share.

The agony of Jet Airways might soon be over. There is nothing left in Jet Airways.

"I am willing to pay either way whether I am in London or in an Indian Jail. The chances of revival seem very remote now".

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