Lenders discussing ways to revive Jet Airways; fund infusion likely soon

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A senior official at DGCA said that ticket prices on high-density routes have risen up to 30 per cent in last one month.

Representatives of various lenders to Jet Airways are also understood to have discussed issues related to Jet Airways with Financial Services Secretary Rajiv Kumar.

"The company has reached out to our lead lender, State Bank of India yet again and stressed on the need for urgent funding requirements, critical to the continuation of the operations of our airline", said Vinay Dube, Chief Executive Officer of Jet Airways.

A year ago Jet had more than 120 planes operating, but the full-service airline has been hit by competition from low-priced carriers such as IndiGo and SpiceJet, along with high oil prices, fuel taxes and a weak rupee.

Jet Airways urgently needs the previously agreed rescue capital injection of at least INR10 billion rupees (USD144 million) to resume operations on a larger scale. Meanwhile, merchant banker SBI Caps, acting on behalf of the group of lenders, has started the process for sale of the financially troubled carrier for lenders.

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Reeling under a debt of over Rs 8,000 crore, Jet Airways has grounded nearly its entire fleet and is now operating only 5 planes, according to civil aviation officials.

On Monday, lenders did not take a final decision on providing emergency funds to the cash-strapped carrier.

It was operating fewer than 10 planes yesterday and has just seven in circulation today, The Economic Times said, paying fuel suppliers on a day-by-day basis.

Creditors can take a defaulting company to the NCLT for seeking approval for resolution under the Insolvency and Bankruptcy Code (IBC).

Lenders to the cash-strapped Jet Airways are committed to reviving the air carrier but nothing has been finalised yet, Punjab National Bank (PNB) Managing Director Sunil Mehta said on Tuesday.

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