<a href="https://www.wionews.com/business-economy/jet-airways-pilots-defer-decision-not-to-fly-sets-april-15-deadline-to-clear-dues-207023">Jet Airways</a> shares fell as much as 4 per cent in early trade on Wednesday after it said the previous day it has grounded 15 more planes due to non-payment of dues to its lessors.

The latest groundings mean more than two-thirds of its total fleet of about 120 planes are not flying.

The airline, which was on the brink of bankruptcy, was bailed out in March by state-run banks that will temporarily take a majority stake in the company and give it a new loan of $218 million.

After the bailout Jet told officials at the civil aviation ministry that the airline would not ground more planes and would fly 40 more aircraft by the end of April.

The stock has shed more than half of its value in a year as of Tuesday's close.

Jet Airways shares fell as much as 4 per cent in early trade on Wednesday after it said the previous day it has grounded 15 more planes due to non-payment of dues to its lessors.

Jet Airways shares fell as much as 4 per cent in early trade on Wednesday after it said the previous day it has grounded 15 more planes due to non-payment of dues to its lessors. The latest groundings mean more than two-thirds of its total fleet of about 120 planes are not flying. The airline, which was on the brink of bankruptcy, was bailed out in March by state-run banks that will temporarily take a majority stake in the company and give it a new loan of $218 million. After the bailout Jet told officials at the civil aviation ministry that the airline would not ground more planes and would fly 40 more aircraft by the end of April. The stock has shed more than half of its value in a year as of Tuesday's close.

Jet Airways shares fall as it grounds more planes over unpaid lessor dues

Cash-strapped Jet Airways has only 12-15 planes operating after 15 more grounded

Jet pilots gave deadline to clear dues salary till 15th April, defers their strike

A major crisis at the struggling carrier <a href="https://www.wionews.com/business-economy/naresh-goyal-quits-jet-airways-205510">Jet Airways</a> was averted Sunday after its pilots' body, National Aviator's Guild (NAG), deferred till April 15 <a href="https://www.wionews.com/business-economy/jet-airways-suspends-services-to-13-international-routes-till-end-april-205012">its call for halting operations</a>.

The decision was taken at an open house meeting of NAG members which took place in both Mumbai and Delhi on Sunday afternoon, NAG president Karan Chopra told reporters after the meeting which lasted about four hours.

The NAG, which claims to represent around 1,100 of the 1,600 Jet Airways pilots, had announced earlier that its members will not fly from April 1, unless their salary dues were cleared and clarity was provided on future payments by March 31.

"The management has shown us a positive intent by transferring our (December) salary and we thought we should give them at least a couple of weeks to settle down and form the interim board and solve our issues which they have already spoken about earlier.

"Therefore, the collective call taken by the pilots in both Mumbai and Delhi of no flying, which was supposed to start from April 1, has now been deferred to April 15 in a hope that something positive pans out in two weeks," Chopra said.

On March 21 the NAG had requested the government to intervene for the survival of Jet Airways, after which State Bank of India (SBI) stated that the lenders will infuse interim funding of Rs 1,500 crore to sustain its operations for the next two months.

Last Monday, Jet Airways' board approved a resolution plan formulated by SBI-led domestic lenders.

Under the plan, lenders decided to take control of the airline and make a fund infusion of Rs 1,500 crore.

It has been only six days since the lenders, who are now the new owners, announced additional funding to Jet Airways, and that is why they should be given more time to resolve the issues, Chopra said.

He, however, urged SBI chairman Rajnish Kumar to hold a meeting with pilots' representatives for a clear assessment of the affairs at the airline.

SBI had said the salaries will be paid out of the interim funding, Chopra noted, adding that last night pilots were intimated about disbursal of remaining 87.50 per cent of the December salary.

Jet Airways has been defaulting on salary payments to pilots, engineers and senior management since August 2018.

Its engineers have also reportedly threatened to stop work from April 1 if their dues were not cleared by March 31.

The loss-making airline, now under the ownership of SBI-led consortium of lenders following a debt-recast plan, said Saturday that it could remit only the remaining amount of December salary to pilots and others, as of now.

"Currently, along with engineers and senior staff, we are three salaries behind. In totality, it is up to 300 per cent which is slightly more than the 287.50 per cent dues last time. The total payout of salary for pilots, engineers and general managers and above-level executives would be in the range of Rs 320-350 crore for the period between January and March this year," Chopra said.

The clearing of remaining dues will be in conjunction with interim funding, as per Jet Airways chief executive Vinay Dube, Chopra informed.

The NAG chief added that now the pilots are hoping that interim funding comes in and remaining dues get cleared.

The NAG hopes that the interim funding continues, but it is not sure about the amount that will come in and how much will be the subsequent pay-out, Chopra stated.

"We urge for a meeting with SBI as early as possible. Ever since our last request, we haven't heard back from him (SBI chairman)," Chopra said.

NAG General Secretary Tej Sood, in a letter to Kumar on March 25, had sought a meeting so that the pilots could get "an idea of the recovery roadmap".

A major crisis at the struggling carrier Jet Airways was averted Sunday after its pilots' body, National Aviator's Guild (NAG), deferred till April 15 its call for halting operations.

A major crisis at the struggling carrier Jet Airways was averted Sunday after its pilots' body, National Aviator's Guild (NAG), deferred till April 15 its call for halting operations. The decision was taken at an open house meeting of NAG members which took place in both Mumbai and Delhi on Sunday afternoon, NAG president Karan Chopra told reporters after the meeting which lasted about four hours. The NAG, which claims to represent around 1,100 of the 1,600 Jet Airways pilots, had announced earlier that its members will not fly from April 1, unless their salary dues were cleared and clarity was provided on future payments by March 31. "The management has shown us a positive intent by transferring our (December) salary and we thought we should give them at least a couple of weeks to settle down and form the interim board and solve our issues which they have already spoken about earlier. "Therefore, the collective call taken by the pilots in both Mumbai and Delhi of no flying, which was supposed to start from April 1, has now been deferred to April 15 in a hope that something positive pans out in two weeks," Chopra said. On March 21 the NAG had requested the government to intervene for the survival of Jet Airways, after which State Bank of India (SBI) stated that the lenders will infuse interim funding of Rs 1,500 crore to sustain its operations for the next two months. Last Monday, Jet Airways' board approved a resolution plan formulated by SBI-led domestic lenders. Under the plan, lenders decided to take control of the airline and make a fund infusion of Rs 1,500 crore. It has been only six days since the lenders, who are now the new owners, announced additional funding to Jet Airways, and that is why they should be given more time to resolve the issues, Chopra said. He, however, urged SBI chairman Rajnish Kumar to hold a meeting with pilots' representatives for a clear assessment of the affairs at the airline. SBI had said the salaries will be paid out of the interim funding, Chopra noted, adding that last night pilots were intimated about disbursal of remaining 87.50 per cent of the December salary. Jet Airways has been defaulting on salary payments to pilots, engineers and senior management since August 2018. Its engineers have also reportedly threatened to stop work from April 1 if their dues were not cleared by March 31. The loss-making airline, now under the ownership of SBI-led consortium of lenders following a debt-recast plan, said Saturday that it could remit only the remaining amount of December salary to pilots and others, as of now. "Currently, along with engineers and senior staff, we are three salaries behind. In totality, it is up to 300 per cent which is slightly more than the 287.50 per cent dues last time. The total payout of salary for pilots, engineers and general managers and above-level executives would be in the range of Rs 320-350 crore for the period between January and March this year," Chopra said. The clearing of remaining dues will be in conjunction with interim funding, as per Jet Airways chief executive Vinay Dube, Chopra informed. The NAG chief added that now the pilots are hoping that interim funding comes in and remaining dues get cleared. The NAG hopes that the interim funding continues, but it is not sure about the amount that will come in and how much will be the subsequent pay-out, Chopra stated. "We urge for a meeting with SBI as early as possible. Ever since our last request, we haven't heard back from him (SBI chairman)," Chopra said. NAG General Secretary Tej Sood, in a letter to Kumar on March 25, had sought a meeting so that the pilots could get "an idea of the recovery roadmap".

Jet Airways pilots defer strike, say will now stop flying after April 15

Over 1,000 pilots of the struggling private carrier Jet Airways have decided to go ahead with their "no flying" call from April 1 following the airline failing to receive funds from the banks Friday, its pilots' guild has said.

The airline said in a statement that every effort was being made to restore normalcy of operations.

The National Aviators Guild (NAG), the body claiming representation of some 1,100 pilots at Jet Airways, had last week announced its decision not to fly from April 1 if their pending salaries were not cleared and clarity on the revival plan not provided by March 31.

Days after that, the airline's ownership went into the hands of SBI-led consortium of banks under a debt-recast plan.

"A part of the expected interim funding from SBI was supposed to be auctioned on March 29. Unfortunately, the fund transfer has not taken place, and there is also no update on salary payment from the management. The collective decision of pilots taken at Mumbai and Delhi open house effective 1 April prevails," NAG president Karan Chopra said in a late evening communication to his members.

Jet Airways pilots along with engineers and senior management have not been paid for about four months now.

"As announced earlier this week, the airline's lenders and its management team would like to reiterate that every effort is being made to inject adequate liquidity into the company, to quickly restore normalcy of operations, ensuring due compliance with all appropriate legal processes/ formalities at the same time," a Jet Airways spokesperson said in a statement.

"While acknowledging the support of each and every member of its family, Jet Airways especially recognises the contribution of its pilots, AMEs and members of its senior management, who have sacrificed personal interests and have gone beyond their call of duty in order to ensure safe and reliable operations for the airlines guests," it said.

Earlier on Friday, a source said that around 200 pilots had written individually to Jet CEO Vinay Dube, threatening to go on "leave of absence", and they were also planning to take legal recourse over non-payment of salary.

A source in the pilots' community said around 200 pilots have written to the CEO flagging concerns about non-payment of salaries. The pilots are also members of the NAG, the source added.&nbsp;

Over 1,000 pilots of the struggling private carrier Jet Airways have decided to go ahead with their "no flying" call from April 1 following the airline failing to receive funds from the banks Friday, its pilots' guild has said.

Over 1,000 pilots of the struggling private carrier Jet Airways have decided to go ahead with their "no flying" call from April 1 following the airline failing to receive funds from the banks Friday, its pilots' guild has said. The airline said in a statement that every effort was being made to restore normalcy of operations. The National Aviators Guild (NAG), the body claiming representation of some 1,100 pilots at Jet Airways, had last week announced its decision not to fly from April 1 if their pending salaries were not cleared and clarity on the revival plan not provided by March 31. Days after that, the airline's ownership went into the hands of SBI-led consortium of banks under a debt-recast plan. "A part of the expected interim funding from SBI was supposed to be auctioned on March 29. Unfortunately, the fund transfer has not taken place, and there is also no update on salary payment from the management. The collective decision of pilots taken at Mumbai and Delhi open house effective 1 April prevails," NAG president Karan Chopra said in a late evening communication to his members. Jet Airways pilots along with engineers and senior management have not been paid for about four months now. "As announced earlier this week, the airline's lenders and its management team would like to reiterate that every effort is being made to inject adequate liquidity into the company, to quickly restore normalcy of operations, ensuring due compliance with all appropriate legal processes/ formalities at the same time," a Jet Airways spokesperson said in a statement. "While acknowledging the support of each and every member of its family, Jet Airways especially recognises the contribution of its pilots, AMEs and members of its senior management, who have sacrificed personal interests and have gone beyond their call of duty in order to ensure safe and reliable operations for the airlines guests," it said. Earlier on Friday, a source said that around 200 pilots had written individually to Jet CEO Vinay Dube, threatening to go on "leave of absence", and they were also planning to take legal recourse over non-payment of salary. A source in the pilots' community said around 200 pilots have written to the CEO flagging concerns about non-payment of salaries. The pilots are also members of the NAG, the source added.

Over 1,000 Jet Airways pilots to go ahead with no flying call

Jet Airways CEO Vinay Dube, in a statement, said that the "last few months" have been "exceedingly challenging times" for the organisation and that <a href="https://www.wionews.com/india-news/over-1000-jet-airways-pilots-to-go-ahead-with-no-flying-call-206648">pilots and aircraft maintenance engineers</a> will receive their salaries for the month of December 2018 for now.

The CEO went on to admit that the leadership understands the "anxiety and uncertainty endured by the employees"&nbsp;for which the organisation extends its gratitude.&nbsp;

Dube added that Jet's Board of directors and the management is committed to working "as fast as possible" to restore stability in the organisation. &nbsp;

"We are working as fast as possible to implement the resolution plan agreed with the consortium of Indian lenders to quickly restore the much-needed stability to our operations and build a sustainable future for the airline," the statement read, adding that such are complex processes and it has "taken longer than expected".

Dube also said that owing to such circumstances, the company is only able to "remit your remaining salary for December 2018," adding that the management is working on getting additional funding on an urgent basis and shall "advise you about the release of the remaining salary arrears as the funds come in".

On Tuesday, Dube said that the stakeholders of the airline were optimistic about its future.&nbsp;

After weeks of speculations over the future of Jet, which grounded over 80 planes due to financial woes, its board Monday approved a resolution plan formulated by a consortium of lenders led by SBI, who has now become the new owners of the airline with 51 per cent equity holding.

Meanwhile, disappointed over non-clearance of pending dues, Jet Airways pilots on Friday reiterated that they will stop flying from April 1.&nbsp;

Over 1,000 pilots of the struggling private carrier Jet Airways have decided to go ahead with their "no flying" call from April 1 following the airline failing to receive funds from the banks Friday, its pilots' guild has said.

Days after that, the airline's ownership went into the hands of SBI-led consortium of banks under a debt-recast plan.

"A part of the expected interim funding from SBI was supposed to be sanctioned on March 29. Unfortunately, the fund transfer has not taken place, and there is also no update on salary payment from the management. The collective decision of pilots taken at Mumbai and Delhi open house effective 1 April prevails," NAG president Karan Chopra said in a late evening communication to his members.

Jet Airways pilots along with engineers and senior management have not been paid for about four months now.

Jet Airways CEO Vinay Dube, in a statement, said that the "last few months" have been "exceedingly challenging times" for the organisation and that pilots and aircraft maintenance engineers will receive their salaries for the month of December 2018 for now.

Jet Airways CEO Vinay Dube, in a statement, said that the "last few months" have been "exceedingly challenging times" for the organisation and that pilots and aircraft maintenance engineers will receive their salaries for the month of December 2018 for now. The CEO went on to admit that the leadership understands the "anxiety and uncertainty endured by the employees" for which the organisation extends its gratitude. Dube added that Jet's Board of directors and the management is committed to working "as fast as possible" to restore stability in the organisation. "We are working as fast as possible to implement the resolution plan agreed with the consortium of Indian lenders to quickly restore the much-needed stability to our operations and build a sustainable future for the airline," the statement read, adding that such are complex processes and it has "taken longer than expected". Dube also said that owing to such circumstances, the company is only able to "remit your remaining salary for December 2018," adding that the management is working on getting additional funding on an urgent basis and shall "advise you about the release of the remaining salary arrears as the funds come in". On Tuesday, Dube said that the stakeholders of the airline were optimistic about its future. After weeks of speculations over the future of Jet, which grounded over 80 planes due to financial woes, its board Monday approved a resolution plan formulated by a consortium of lenders led by SBI, who has now become the new owners of the airline with 51 per cent equity holding. Meanwhile, disappointed over non-clearance of pending dues, Jet Airways pilots on Friday reiterated that they will stop flying from April 1. Over 1,000 pilots of the struggling private carrier Jet Airways have decided to go ahead with their "no flying" call from April 1 following the airline failing to receive funds from the banks Friday, its pilots' guild has said. Days after that, the airline's ownership went into the hands of SBI-led consortium of banks under a debt-recast plan. "A part of the expected interim funding from SBI was supposed to be sanctioned on March 29. Unfortunately, the fund transfer has not taken place, and there is also no update on salary payment from the management. The collective decision of pilots taken at Mumbai and Delhi open house effective 1 April prevails," NAG president Karan Chopra said in a late evening communication to his members. Jet Airways pilots along with engineers and senior management have not been paid for about four months now.

'Exceedingly challenging times,' says Jet CEO Vinay Dube; announces remittance of December salaries

Disappointed over non-clearance of pending dues, Jet Airways pilots on Friday reiterated that they will stop flying from April 1.

"A part of the expected interim funding from State Bank of India (SBI) was supposed to be auctioned on March 29. Unfortunately, the fund transfer has not taken place, hence no update on salary payment from the management. The collective decision of pilots taken at Mumbai and Delhi open house effective April 1, 2019, IST prevails," the National Aviators Guild, the Registered pilots'&nbsp;union of Jet Airways said in a statement.

"If there is no proper clarity on resolution process for salary payment by March 31, then Jet Airways pilots will stop flying from April 1," the pilot's union had previously said.

A consortium of lenders led by SBI had agreed last week to infuse Rs 1,500 crore into the beleaguered airline as an interim arrangement till they find a suitable investor for Jet Airways by the end of June quarter.

Naresh Goyal-led Jet Airways is facing the worst financial crisis of its 25-year existence with more than one billion dollars of debt. As it struggles to stay aloft, the carrier has delayed payments to banks, suppliers, and aircraft lessors some of which have begun terminating lease deals.

The airline is reportedly down to operating 150 flights a day from 450 at full capacity with a third of its 120-plane fleet grounded.

Cash-strapped Jet Airways has grounded many planes and also defaulted on repayment of debt, including External Commercial Borrowings (ECBs).

The National Aviators Guild has been seeking intervention from government agencies ranging from the civil aviation ministry to the Prime Minister's Office to help in payment of around 87.5 per cent of December salary, and full salaries of January and February.

They also have demanded interest to paid at market rates on the pending dues.

Disappointed over non-clearance of pending dues, Jet Airways pilots on Friday reiterated that they will stop flying from April 1. "A part of the expected interim funding from State Bank of India (SBI) was supposed to be auctioned on March 29.

Disappointed over non-clearance of pending dues, Jet Airways pilots on Friday reiterated that they will stop flying from April 1. "A part of the expected interim funding from State Bank of India (SBI) was supposed to be auctioned on March 29. Unfortunately, the fund transfer has not taken place, hence no update on salary payment from the management. The collective decision of pilots taken at Mumbai and Delhi open house effective April 1, 2019, IST prevails," the National Aviators Guild, the Registered pilots' union of Jet Airways said in a statement. "If there is no proper clarity on resolution process for salary payment by March 31, then Jet Airways pilots will stop flying from April 1," the pilot's union had previously said. A consortium of lenders led by SBI had agreed last week to infuse Rs 1,500 crore into the beleaguered airline as an interim arrangement till they find a suitable investor for Jet Airways by the end of June quarter. Naresh Goyal-led Jet Airways is facing the worst financial crisis of its 25-year existence with more than one billion dollars of debt. As it struggles to stay aloft, the carrier has delayed payments to banks, suppliers, and aircraft lessors some of which have begun terminating lease deals. The airline is reportedly down to operating 150 flights a day from 450 at full capacity with a third of its 120-plane fleet grounded. Cash-strapped Jet Airways has grounded many planes and also defaulted on repayment of debt, including External Commercial Borrowings (ECBs). The National Aviators Guild has been seeking intervention from government agencies ranging from the civil aviation ministry to the Prime Minister's Office to help in payment of around 87.5 per cent of December salary, and full salaries of January and February. They also have demanded interest to paid at market rates on the pending dues.

Unpaid Jet Airways pilots threaten strike from April 1

Jet’s new plan will ease Indian domestic air travel

Vijay Mallya criticises public sector banks on Jet Airways bailout

Jet Airways on the path to revival

Jet Airways founder Naresh Goyal wrote a letter to his staff after <a href="https://www.wionews.com/business-economy/naresh-goyal-quits-jet-airways-205510">stepping down from the board</a> on Monday. Goyal and his wife Anita made the move yesterday. He also resigned from the chairmanship of the 25-year-old airline.

"I'd like to humbly and with immense love and gratitude, inform you that both Anita and myself are stepping down from the board of Jet Airways with immediate effect," the letter read.&nbsp;

The letter, which was addressed to over 20,000 employees, had Goyal hoping that the cash-strapped airlines "stands poised to turn the page, ready to fly out of the turbulence and soar into a bright new future".

Goyal also said the approval of the debt-recast plan will put the carrier on a "sounder and sustainable" financial footing, news agency PTI reported.&nbsp;

Goyal, in the letter, went on to note that the decision has been taken after much contemplation, adding that this is "the start of a brand new chapter".

He said he has seen the airline growing from a fleet of just four aircraft flying to 12 routes in the first year, to a peak fleet of 124 flying to over 550 destinations.

He thanked all Jet employees for their tireless, unrelenting efforts.

"It has truly been a labour of love that Anita and I, together with all of you have built collectively with our blood, toil and tears. Looking back I wouldn't want to change a thing. Not the triumphs, nor the trials and tribulations, challenges nor sweat equity," Goyal said.

"For the past 25 years, Jet has been a way of life for Anita and me. Very few people are fortunate enough to live their dreams and we have been truly blessed to be one among those few," he said.

"I'd also like to take this moment, to acknowledge the contribution of my wife, confidant and partner Anita without whom this journey would just not have been possible," Goyal concluded.

Meanwhile, <a href="https://www.wionews.com/business-economy/jet-airways-shares-soar-after-founder-goyal-exits-205658">Jet Airways Ltd's shares climbed about 8.5 per cent on Tuesday</a> to a near two-month high after founder and chairman Naresh Goyal stepped down and lenders took control of the airline, in an attempt to rescue it from bankruptcy, news agency Reuters reported.&nbsp;

After weeks of speculations over the future of Jet, which has grounded over 80 planes due to financial woes, its board Monday approved a resolution plan formulated by a consortium of lenders led by SBI, who has now become the new owners of the airline with 51 per cent equity holding. 
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Jet Airways founder Naresh Goyal wrote a letter to his staff after stepping down from the board on Monday. Goyal and his wife Anita made the move yesterday. He also resigned from the chairmanship of the 25-year-old airline.

Jet Airways founder Naresh Goyal wrote a letter to his staff after stepping down from the board on Monday. Goyal and his wife Anita made the move yesterday. He also resigned from the chairmanship of the 25-year-old airline. "I'd like to humbly and with immense love and gratitude, inform you that both Anita and myself are stepping down from the board of Jet Airways with immediate effect," the letter read. The letter, which was addressed to over 20,000 employees, had Goyal hoping that the cash-strapped airlines "stands poised to turn the page, ready to fly out of the turbulence and soar into a bright new future". Goyal also said the approval of the debt-recast plan will put the carrier on a "sounder and sustainable" financial footing, news agency PTI reported. Goyal, in the letter, went on to note that the decision has been taken after much contemplation, adding that this is "the start of a brand new chapter". He said he has seen the airline growing from a fleet of just four aircraft flying to 12 routes in the first year, to a peak fleet of 124 flying to over 550 destinations. He thanked all Jet employees for their tireless, unrelenting efforts. "It has truly been a labour of love that Anita and I, together with all of you have built collectively with our blood, toil and tears. Looking back I wouldn't want to change a thing. Not the triumphs, nor the trials and tribulations, challenges nor sweat equity," Goyal said. "For the past 25 years, Jet has been a way of life for Anita and me. Very few people are fortunate enough to live their dreams and we have been truly blessed to be one among those few," he said. "I'd also like to take this moment, to acknowledge the contribution of my wife, confidant and partner Anita without whom this journey would just not have been possible," Goyal concluded. Meanwhile, Jet Airways Ltd's shares climbed about 8.5 per cent on Tuesday to a near two-month high after founder and chairman Naresh Goyal stepped down and lenders took control of the airline, in an attempt to rescue it from bankruptcy, news agency Reuters reported. After weeks of speculations over the future of Jet, which has grounded over 80 planes due to financial woes, its board Monday approved a resolution plan formulated by a consortium of lenders led by SBI, who has now become the new owners of the airline with 51 per cent equity holding.

Jet has been a way of life for me, this is start of brand new chapter: Goyal in heartfelt letter to staff

Jet Airways Ltd's shares climbed about 8.5 per cent on Tuesday to a near two-month high after founder and chairman Naresh Goyal stepped down and lenders took control of the airline, in an attempt to rescue it from bankruptcy.

Banks have moved in to take a majority stake in the airline after Jet failed to convince potential investors, including its largest shareholder Etihad Airways, to save the airline.

Under the rescue plan, Jet's lenders, led by State Bank of India (SBI), will issue a loan of 15 billion rupees ($218 million) to meet the airline's obligations and will form an interim management committee to oversee operations.

On Monday, Jet shares soared 17.5 per cent in intraday trade after reports said Goyal and his wife would leave the board.

Burdened with more than $1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors - some of which have forced the airline to ground as many as 40 planes.

Shares of Jet Airways rose as much as 8.6 per cent to 275.90 rupees, highest since February 1, on Tuesday. 
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Jet Airways Ltd's shares climbed about 8.5 per cent on Tuesday to a near two-month high after founder and chairman Naresh Goyal stepped down and lenders took control of the airline, in an attempt to rescue it from bankruptcy.

Jet Airways Ltd's shares climbed about 8.5 per cent on Tuesday to a near two-month high after founder and chairman Naresh Goyal stepped down and lenders took control of the airline, in an attempt to rescue it from bankruptcy. Banks have moved in to take a majority stake in the airline after Jet failed to convince potential investors, including its largest shareholder Etihad Airways, to save the airline. Under the rescue plan, Jet's lenders, led by State Bank of India (SBI), will issue a loan of 15 billion rupees ($218 million) to meet the airline's obligations and will form an interim management committee to oversee operations. On Monday, Jet shares soared 17.5 per cent in intraday trade after reports said Goyal and his wife would leave the board. Burdened with more than $1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors - some of which have forced the airline to ground as many as 40 planes. Shares of Jet Airways rose as much as 8.6 per cent to 275.90 rupees, highest since February 1, on Tuesday.

Jet Airways shares soar after founder Goyal exits

Businessman Vijay Mallya on Tuesday urged Indian banks to "take his money" and save <a href="https://www.wionews.com/business-economy/naresh-goyal-quits-jet-airways-205510">cash-strapped Jet Airways</a>.

"I repeat once again that I have placed liquid assets before the Hon'ble Karnataka High Court to pay off the PSU Banks and all other creditors. Why do the Banks not take my money. It will help them to save Jet Airways if nothing else," the liquor baron tweeted.

Mallya, who is currently facing trial in a UK Court, went on to highlight the "double standards" of the NDA government, and questioned why public sector banks pitched in to save Jet Airways but let his company, Kingfisher Airlines, "fail ruthlessly."

"Happy to see that PSU Banks have bailed out Jet Airways saving jobs, connectivity and enterprise. Only wish the same was done for Kingfisher," he wrote on the micro-blogging site.

"I invested over 4000 crores into Kingfisher Airlines to save the Company and its employees. Not recognised and instead slammed in every possible way. The same PSU Banks let India's finest airline with the best employees and connectivity fail ruthlessly. Double standards under NDA," read another tweet.

Mallya also claimed that the media "decimated" him for writing to Prime Minister Narendra Modi while a BJP spokesman "eloquently read out" letters he wrote to former Prime Minister Manmohan Singh and alleged that PSU banks under the UPA government "wrongly supported" Kingfisher Airlines.

Jet Airways has been suffering bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee.

The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries to its pilots.

Last week, State Bank of India (SBI) Chairman Rajnish Kumar had said that the resolution plan is almost ready and it will not involve a bailout for any individual.

At the same time, talks with Abu Dhabi-based airline Etihad to secure a rescue deal are still on, he said adding there is also a possibility of bringing in another investor.

"We believe Jet Airways is a good aviation property and it is in every body's interest that it continues to fly," Kumar had said on March 20.

The chairman of the airline, Naresh Goyal, stepped down on March 25, following which lenders agreed to pump in Rs 1500 crore to bail out the financially troubled airline.

Meanwhile, a Delhi court had, last week, ordered attachment of Mallya's properties in Bengaluru under section 83 of the Code of Criminal Procedure in connection with a FERA (Foreign Exchange Regulation Act) violation case, and fixed the next date of hearing as July 10.

Businessman Vijay Mallya on Tuesday urged Indian banks to "take his money" and save cash-strapped Jet Airways. "I repeat once again that I have placed liquid assets before the Hon'ble Karnataka High Court to pay off the PSU Banks and all other creditors.

Businessman Vijay Mallya on Tuesday urged Indian banks to "take his money" and save cash-strapped Jet Airways. "I repeat once again that I have placed liquid assets before the Hon'ble Karnataka High Court to pay off the PSU Banks and all other creditors. Why do the Banks not take my money. It will help them to save Jet Airways if nothing else," the liquor baron tweeted. Mallya, who is currently facing trial in a UK Court, went on to highlight the "double standards" of the NDA government, and questioned why public sector banks pitched in to save Jet Airways but let his company, Kingfisher Airlines, "fail ruthlessly." "Happy to see that PSU Banks have bailed out Jet Airways saving jobs, connectivity and enterprise. Only wish the same was done for Kingfisher," he wrote on the micro-blogging site. "I invested over 4000 crores into Kingfisher Airlines to save the Company and its employees. Not recognised and instead slammed in every possible way. The same PSU Banks let India's finest airline with the best employees and connectivity fail ruthlessly. Double standards under NDA," read another tweet. Mallya also claimed that the media "decimated" him for writing to Prime Minister Narendra Modi while a BJP spokesman "eloquently read out" letters he wrote to former Prime Minister Manmohan Singh and alleged that PSU banks under the UPA government "wrongly supported" Kingfisher Airlines. Jet Airways has been suffering bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee. The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries to its pilots. Last week, State Bank of India (SBI) Chairman Rajnish Kumar had said that the resolution plan is almost ready and it will not involve a bailout for any individual. At the same time, talks with Abu Dhabi-based airline Etihad to secure a rescue deal are still on, he said adding there is also a possibility of bringing in another investor. "We believe Jet Airways is a good aviation property and it is in every body's interest that it continues to fly," Kumar had said on March 20. The chairman of the airline, Naresh Goyal, stepped down on March 25, following which lenders agreed to pump in Rs 1500 crore to bail out the financially troubled airline. Meanwhile, a Delhi court had, last week, ordered attachment of Mallya's properties in Bengaluru under section 83 of the Code of Criminal Procedure in connection with a FERA (Foreign Exchange Regulation Act) violation case, and fixed the next date of hearing as July 10.

Take my money, save Jet Airways: Mallya to banks

Low-cost airline SpiceJet said on Monday that it was a sad day for Indian aviation as Naresh Goyal and his wife Anita Goyal stepped down from the board of financially-strapped Jet Airways.

"Today is indeed a sad day for Indian aviation. By launching a truly world class airline, Naresh and Anita Goyal made India proud," said SpiceJet's Chairman and Managing Director Ajay Singh.

"This is also a wake-up call for Indian policymakers," he said. "We urgently need to address structural challenges that make India's airlines uncompetitive to airlines around the world," Singh added.

According to reports, SpiceJet is planning to lease Jet Airways' grounded planes from their lessons. The move is aimed at restoring the aviation industry's seat capacity and keeping airfares in check.

Singh is credited with the turnaround of budget carrier SpiceJet, which was once in dire financial straits. The airline has clocked the highest load factor for several quarters in a row.

Low-cost airline SpiceJet said on Monday that it was a sad day for Indian aviation as Naresh Goyal and his wife Anita Goyal stepped down from the board of financially-strapped Jet Airways.

Low-cost airline SpiceJet said on Monday that it was a sad day for Indian aviation as Naresh Goyal and his wife Anita Goyal stepped down from the board of financially-strapped Jet Airways. "Today is indeed a sad day for Indian aviation. By launching a truly world class airline, Naresh and Anita Goyal made India proud," said SpiceJet's Chairman and Managing Director Ajay Singh. "This is also a wake-up call for Indian policymakers," he said. "We urgently need to address structural challenges that make India's airlines uncompetitive to airlines around the world," Singh added. According to reports, SpiceJet is planning to lease Jet Airways' grounded planes from their lessons. The move is aimed at restoring the aviation industry's seat capacity and keeping airfares in check. Singh is credited with the turnaround of budget carrier SpiceJet, which was once in dire financial straits. The airline has clocked the highest load factor for several quarters in a row.

Sad day for Indian aviation, says SpiceJet on exit of Naresh Goyal from Jet Airways

<a href="https://www.wionews.com/south-asia/pakistan-foreign-ministry-submits-proposal-to-pm-imran-khan-to-open-sharada-temple-for-indians-205524">Pakistan foreign ministry submits </a><a href="https://www.wionews.com/south-asia/pakistan-foreign-ministry-submits-proposal-to-pm-imran-khan-to-open-sharada-temple-for-indians-205524">proposal</a><a href="https://www.wionews.com/south-asia/pakistan-foreign-ministry-submits-proposal-to-pm-imran-khan-to-open-sharada-temple-for-indians-205524"> to PM Imran Khan to open Sharada temple for Indians</a>

Pakistan foreign ministry has submitted a proposal to Pakistan Prime Minister Imran Khan for consultations to open the temple, government sources have told WION.

<a href="https://www.wionews.com/business-economy/naresh-goyal-quits-jet-airways-205510">Naresh Goyal quits Jet Airways; bank-led board to run airline</a>

Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said.

<a href="https://www.wionews.com/world/russia-again-denies-meddling-in-2016-us-presidential-election-says-ready-to-improve-ties-205519">Russia again denies meddling in 2016 US presidential election, says ready to improve ties</a>

The Kremlin on Monday again denied Moscow's interference in the 2016 US presidential election after Special Counsel Robert Mueller's report found there no conclusive evidence of Russian meddling.&nbsp;

<a href="https://www.wionews.com/south-asia/air-strike-kills-13-civilians-mostly-children-in-afghanistan-205525">Air strike kills 13 civilians, mostly children, in Afghanistan</a>

At least 13 civilians were killed, mostly children, in an air strike by "international forces" in the northern Afghan city of Kunduz late last week, the United Nations said Monday.

<a href="https://www.wionews.com/world/hamas-denies-firing-rocket-that-hit-house-near-tel-aviv-official-205536">Hamas denies firing rocket that hit </a><a href="https://www.wionews.com/world/hamas-denies-firing-rocket-that-hit-house-near-tel-aviv-official-205536">house</a><a href="https://www.wionews.com/world/hamas-denies-firing-rocket-that-hit-house-near-tel-aviv-official-205536"> near Tel Aviv: Official</a>

A Hamas official denied Israel's accusation that it was behind Monday's rocket strike north of Tel Aviv which wounded seven Israelis and led Prime Minister Benjamin Netanyahu to vow a strong response.

&nbsp;

Pakistan foreign ministry submits proposal to PM Imran Khan to open Sharada temple for Indians Pakistan foreign ministry has submitted a proposal to Pakistan Prime Minister Imran Khan for consultations to open the temple, government sources have told WION.

Pakistan foreign ministry submits proposal to PM Imran Khan to open Sharada temple for Indians Pakistan foreign ministry has submitted a proposal to Pakistan Prime Minister Imran Khan for consultations to open the temple, government sources have told WION. Naresh Goyal quits Jet Airways; bank-led board to run airline Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said. Russia again denies meddling in 2016 US presidential election, says ready to improve ties The Kremlin on Monday again denied Moscow's interference in the 2016 US presidential election after Special Counsel Robert Mueller's report found there no conclusive evidence of Russian meddling. Air strike kills 13 civilians, mostly children, in Afghanistan At least 13 civilians were killed, mostly children, in an air strike by "international forces" in the northern Afghan city of Kunduz late last week, the United Nations said Monday. Hamas denies firing rocket that hit house near Tel Aviv: Official A Hamas official denied Israel's accusation that it was behind Monday's rocket strike north of Tel Aviv which wounded seven Israelis and led Prime Minister Benjamin Netanyahu to vow a strong response.

News brief: Big stories of the day

Jet Airways promoter and former chairman&nbsp;<a href="https://www.wionews.com/business-economy/jet-airways-board-meeting-underway-pressure-on-founder-naresh-goyal-to-quit-205440">Naresh Goyal quit</a>&nbsp;the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said.

Naresh Goyal's wife Anita also quit the board. Bank-led board will now run the airline, sources said.

In the regulatory filing, Naresh Goyal and his wife Anita Goyal declared that they were stepping down from the board.

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The airline was under pressure for several months hit by debt of nearly $1 billion.

Last week SBI chairman Rajnish Kumar had said that that putting Jet Airways into bankruptcy was the "last option".

The airline owes money to banks, suppliers, lessors including pilots. The airline has also grounded several aircraft in an attempt to cut costs.

Pilots belonging to the airline had threatened to go on strike from April 1st if their salaries were not cleared by month-end.

Jet stocks surged over&nbsp;twelve per cent as the news of the founder quitting the airline spread.

In 2013, the airways had survived a similar situation after Abu Dhabi's Etihad Airways had injected $600 million capital for a 24 per cent stake in the airline. 
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<img alt="Jet Airways founder Naresh Goyal, wife Anita quit board" data-align="center" data-entity-type="file" data-entity-uuid="daeaed6f-7e2a-4fa8-8d8f-84ab7fe5c045" src="//cdn.wionews.com/sites/default/files/inline-images/Jet.jpg" />
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Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said.

Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said. Naresh Goyal's wife Anita also quit the board. Bank-led board will now run the airline, sources said. In the regulatory filing, Naresh Goyal and his wife Anita Goyal declared that they were stepping down from the board. The airline was under pressure for several months hit by debt of nearly $1 billion. Last week SBI chairman Rajnish Kumar had said that that putting Jet Airways into bankruptcy was the "last option". The airline owes money to banks, suppliers, lessors including pilots. The airline has also grounded several aircraft in an attempt to cut costs. Pilots belonging to the airline had threatened to go on strike from April 1st if their salaries were not cleared by month-end. Jet stocks surged over twelve per cent as the news of the founder quitting the airline spread. In 2013, the airways had survived a similar situation after Abu Dhabi's Etihad Airways had injected $600 million capital for a 24 per cent stake in the airline.

Naresh Goyal quits Jet Airways; bank-led board to run airline

Finally, Jet Airways chief Naresh Goyal quits

A meeting of the Jet Airways board is currently underway in Mumbai.&nbsp;<a href="https://www.wionews.com/business-economy/amid-crisis-jet-airways-says-confident-of-resolving-the-current-situation-205085">The airline is currently hobbling under over $1 billion of debt</a> and the board is to be briefed about the latest developments in the airline.&nbsp;

The board is also expected to take a call today on the continuation of Naresh Goyal as chairman of the board.&nbsp;

As per reports, the banks to which Jet owes money want Naresh Goyal, his wife Anita Goyal, whole time member Gaurang Shetty, and Naseem Zaidi off the board

At least one television channel and its sister newspaper reported Monday that&nbsp;Goyal and his wife&nbsp;are expected to leave the board Monday.

The reports added that Chief Executive Vinay Dube is expected to stay on board the 25-year-old airline Goyal set up with his wife in 1993.

Earlier this month, Reuters reported that Goyal had agreed to step down as chairman and reduce his 51 per cent stake in the airline.

Monday's report also said that Jet's lenders may invoke Goyal's entire stake in the airline, and start looking for a new buyer in the coming weeks.

Saddled with more than $1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors — some of which have forced the airline to ground as many as 40 planes.

Jet has survived a near-death experience once before; in 2013, Abu Dhabi's Etihad Airways injected $600 million of capital for a 24 per cent stake in the airline, three London Heathrow slots and a majority share in Jet's frequent flyer programme. The infusion helped Jet pare down debt and fight growing domestic competition.

Etihad's stake is likely to be diluted in the near future, the television channel reported.

Jet Airways was not immediately available for comment when contacted by Reuters.&nbsp;

(With inputs from Reuters)

A meeting of the Jet Airways board is currently underway in Mumbai. The airline is currently hobbling under over $1 billion of debt and the board is to be briefed about the latest developments in the airline.

A meeting of the Jet Airways board is currently underway in Mumbai. The airline is currently hobbling under over $1 billion of debt and the board is to be briefed about the latest developments in the airline. The board is also expected to take a call today on the continuation of Naresh Goyal as chairman of the board. As per reports, the banks to which Jet owes money want Naresh Goyal, his wife Anita Goyal, whole time member Gaurang Shetty, and Naseem Zaidi off the board At least one television channel and its sister newspaper reported Monday that Goyal and his wife are expected to leave the board Monday. The reports added that Chief Executive Vinay Dube is expected to stay on board the 25-year-old airline Goyal set up with his wife in 1993. Earlier this month, Reuters reported that Goyal had agreed to step down as chairman and reduce his 51 per cent stake in the airline. Monday's report also said that Jet's lenders may invoke Goyal's entire stake in the airline, and start looking for a new buyer in the coming weeks. Saddled with more than $1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors — some of which have forced the airline to ground as many as 40 planes. Jet has survived a near-death experience once before; in 2013, Abu Dhabi's Etihad Airways injected $600 million of capital for a 24 per cent stake in the airline, three London Heathrow slots and a majority share in Jet's frequent flyer programme. The infusion helped Jet pare down debt and fight growing domestic competition. Etihad's stake is likely to be diluted in the near future, the television channel reported. Jet Airways was not immediately available for comment when contacted by Reuters. (With inputs from Reuters)

Jet Airways board meets, pressure on founder Naresh Goyal to quit

Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till April-end even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54.

Besides, the airline has also reduced frequencies on seven other overseas routes, mostly from Delhi and Mumbai, according to airline sources.

"... An additional seven aircraft including two planes of JetLite have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges late evening Friday.&nbsp;

The company said that as mentioned earlier, it is actively engaged with all its aircraft lessors and is regularly providing them with updates on the efforts taken to improve the liquidity.

Earlier, sources said routes, where services have been temporarily withdrawn, include Pune-Singapore (seven a week), which was launched with much fanfare late last December, and Pune-Abu Dhabi (seven flights a week).&nbsp;

Jet Airways has already suspended services on the Mumbai-Manchester route.

Gasping for funds and no bailout on the horizon, the Naresh Goyal-controlled airline has now reduced its operations to one-fourth from over 600 daily flights earlier, with just one-third of its 119 fleet being operational.

The airline has discontinued services from Delhi to Abu Dhabi (nine a week), Dammam (14 weekly), Dhaka (11), Hong Kong and Riyadh (seven each a week) up to April 30, said the airline source.

Besides, the airline has also suspended services on the Bangalore-Singapore route, where it flies twice daily, till April 30.

The flights which have been suspended from Mumbai for this period include services to Abu Dhabi (12 weekly), Bahrain (4-7 weekly), and Dammam (14 weekly). These services will remain suspended till April 30, as per the source.

Similarly, flights on the Mumbai-Hong Kong (7 weekly) route will also not be operated between March 23 and April 30, while the Kolkata-Dhaka services have also been suspended till April 30.

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Sources: Based on current listing, service reductions/cancellations are listed until 30 April inclusive. However, certain suspended service until 30 Apr is currently listed as not available for flights on/after 1 May 2019. Various domestic routes also see service reductions. <a href="https://t.co/W9gaMZhglk">https://t.co/W9gaMZhglk</a>
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In addition to this, services from Delhi and Mumbai to Kathmandu, Bangkok, Doha, Kuwait and Singapore have been also reduced significantly.

Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till April-end even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54.

Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till April-end even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54. Besides, the airline has also reduced frequencies on seven other overseas routes, mostly from Delhi and Mumbai, according to airline sources. "... An additional seven aircraft including two planes of JetLite have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges late evening Friday. The company said that as mentioned earlier, it is actively engaged with all its aircraft lessors and is regularly providing them with updates on the efforts taken to improve the liquidity. Earlier, sources said routes, where services have been temporarily withdrawn, include Pune-Singapore (seven a week), which was launched with much fanfare late last December, and Pune-Abu Dhabi (seven flights a week). Jet Airways has already suspended services on the Mumbai-Manchester route. Gasping for funds and no bailout on the horizon, the Naresh Goyal-controlled airline has now reduced its operations to one-fourth from over 600 daily flights earlier, with just one-third of its 119 fleet being operational. The airline has discontinued services from Delhi to Abu Dhabi (nine a week), Dammam (14 weekly), Dhaka (11), Hong Kong and Riyadh (seven each a week) up to April 30, said the airline source. Besides, the airline has also suspended services on the Bangalore-Singapore route, where it flies twice daily, till April 30. The flights which have been suspended from Mumbai for this period include services to Abu Dhabi (12 weekly), Bahrain (4-7 weekly), and Dammam (14 weekly). These services will remain suspended till April 30, as per the source. Similarly, flights on the Mumbai-Hong Kong (7 weekly) route will also not be operated between March 23 and April 30, while the Kolkata-Dhaka services have also been suspended till April 30. Sources: Based on current listing, service reductions/cancellations are listed until 30 April inclusive. However, certain suspended service until 30 Apr is currently listed as not available for flights on/after 1 May 2019. Various domestic routes also see service reductions. https://t.co/W9gaMZhglk — ANI (@ANI) March 23, 2019 × In addition to this, services from Delhi and Mumbai to Kathmandu, Bangkok, Doha, Kuwait and Singapore have been also reduced significantly.

Jet Airways suspends services to 13 international routes till April-end

Jet Airways spokesperson on Saturday said that the company was confident of ''successfully'' resolving the current situation in the coming days.

''Jet Airways remains confident of successfully resolving the current situation in coming days. Airline and its key stakeholders are working towards finalization and subsequent implementation of the Bank-led Provisional Resolution Plan (BLPRP),'' the Airline's spokesperson was quoted as saying by news agency ANI.

Jet Airways is currently operating a curtailed schedule, having made certain proactive adjustments, bearing in mind the likely, yet interim non-availability of some aircraft in its fleet in the near future, he added.

Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till April-end even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54.

Besides, the airline has also reduced frequencies on seven other overseas routes, mostly from Delhi and Mumbai, according to airline sources.

"... An additional seven aircraft including two planes of JetLite have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges late evening Friday.&nbsp;

(With inputs from PTI)

Jet Airways spokesperson on Saturday said that the company was confident of ''successfully'' resolving the current situation in the coming days. ''Jet Airways remains confident of successfully resolving the current situation in coming days.

Jet Airways spokesperson on Saturday said that the company was confident of ''successfully'' resolving the current situation in the coming days. ''Jet Airways remains confident of successfully resolving the current situation in coming days. Airline and its key stakeholders are working towards finalization and subsequent implementation of the Bank-led Provisional Resolution Plan (BLPRP),'' the Airline's spokesperson was quoted as saying by news agency ANI. Jet Airways is currently operating a curtailed schedule, having made certain proactive adjustments, bearing in mind the likely, yet interim non-availability of some aircraft in its fleet in the near future, he added. Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till April-end even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54. Besides, the airline has also reduced frequencies on seven other overseas routes, mostly from Delhi and Mumbai, according to airline sources. "... An additional seven aircraft including two planes of JetLite have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges late evening Friday. (With inputs from PTI)

Amid crisis, Jet Airways says 'confident' of resolving the current situation

Trouble for Jet Airways: Market share drops

State Bank of India's (SBI) chairman said on Wednesday that putting Jet Airways into bankruptcy is the "last option" and that its lenders are making every effort to keep the airline flying.

"We believe that it is in everybody's interest that Jet Airways continues to fly," SBI chairman Rajnish Kumar told reporters after a meeting with government officials, adding that placing Jet into bankruptcy would mean grounding the airline.

<a href="https://www.wionews.com/india-news/dgca-reviews-jet-airways-performance-on-operational-airworthiness-passenger-facilitation-204362">Jet has racked up over $1 billion in debt</a>, and owes money to banks, suppliers, pilots and lessors - some of whom have started terminating their lease deals with the carrier.

The government has asked state-run banks to rescue Jet without pushing it into bankruptcy, two people within the administration have told Reuters as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election.

New Delhi has urged state-run banks, led by SBI, to convert debt into equity and take a stake in Jet, which would, however, be "transitory", in a rare move in India to use taxpayer money to save a struggling private sector company.

Kumar, however, said that any decision taken to rescue Jet is a commercial one and is not at the direction of the Indian government. He was speaking after a meeting with officials from the prime minister's office and finance and civil aviation ministries to discuss the rescue plan for Jet Airways.

Talks with Abu Dhabi-based carrier Etihad, Jet's largest shareholder, to secure a rescue deal are ongoing, the SBI chief said, adding that there is also the possibility of bringing in a new investor.

Kumar said that a resolution plan is "almost" ready and that it would not involve a bailout for any individual or the airline's founder Naresh Goyal.

A spokesman for the opposition Congress party earlier on Wednesday held a press conference during which they alleged Modi's ruling Bharatiya Janata Party (BJP) was using state-run banks like SBI to bailout a bankrupt, private airline.

This came a day after Reuters reported how the government is playing a crucial behind-the-scenes role to rescue Jet.

"On one hand, (the) Modi government is seeking to privatise Air India and on the other hand they are buying a bankrupt private airline with public money," Randeep Singh Surjewala, a spokesman for the Congress party, said.

State Bank of India's (SBI) chairman said on Wednesday that putting Jet Airways into bankruptcy is the "last option" and that its lenders are making every effort to keep the airline flying.

State Bank of India's (SBI) chairman said on Wednesday that putting Jet Airways into bankruptcy is the "last option" and that its lenders are making every effort to keep the airline flying. "We believe that it is in everybody's interest that Jet Airways continues to fly," SBI chairman Rajnish Kumar told reporters after a meeting with government officials, adding that placing Jet into bankruptcy would mean grounding the airline. Jet has racked up over $1 billion in debt, and owes money to banks, suppliers, pilots and lessors - some of whom have started terminating their lease deals with the carrier. The government has asked state-run banks to rescue Jet without pushing it into bankruptcy, two people within the administration have told Reuters as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election. New Delhi has urged state-run banks, led by SBI, to convert debt into equity and take a stake in Jet, which would, however, be "transitory", in a rare move in India to use taxpayer money to save a struggling private sector company. Kumar, however, said that any decision taken to rescue Jet is a commercial one and is not at the direction of the Indian government. He was speaking after a meeting with officials from the prime minister's office and finance and civil aviation ministries to discuss the rescue plan for Jet Airways. Talks with Abu Dhabi-based carrier Etihad, Jet's largest shareholder, to secure a rescue deal are ongoing, the SBI chief said, adding that there is also the possibility of bringing in a new investor. Kumar said that a resolution plan is "almost" ready and that it would not involve a bailout for any individual or the airline's founder Naresh Goyal. A spokesman for the opposition Congress party earlier on Wednesday held a press conference during which they alleged Modi's ruling Bharatiya Janata Party (BJP) was using state-run banks like SBI to bailout a bankrupt, private airline. This came a day after Reuters reported how the government is playing a crucial behind-the-scenes role to rescue Jet. "On one hand, (the) Modi government is seeking to privatise Air India and on the other hand they are buying a bankrupt private airline with public money," Randeep Singh Surjewala, a spokesman for the Congress party, said.

SBI Chairman insists bankruptcy 'last option' for Jet Airways

As per the direction of Minister for Civil Aviation Shri Suresh Prabhu, Directorate General of Civil Aviation (DGCA) reviewed the performance of <a href="https://www.wionews.com/india-news/jet-airways-pilots-threaten-to-stop-flying-from-april-1-204355">Jet Airways</a> on operational, airworthiness and passenger facilitation today.&nbsp;

Current availability of aircraft in the fleet for operation is 41 and accordingly scheduled for 603 domestic flights and 382 international flights have been drawn. However, it is a dynamic situation and there may be further attrition in the coming weeks. &nbsp;

DGCA instructed them to comply with relevant provisions of applicable CARs for facilitation of passengers regarding timely communication, compensation and providing alternate flights.

The data is being monitored by DGCA on a regular basis. They are also ensuring that all aircraft in the fleet whether in operation or on the ground are maintained in accordance with Approved Maintenance Programme (AMP).

Jet Airways was also directed to ensure that no Pilots/Cabin Crew/AMEs should be rostered on duty who had reported stress of any nature.&nbsp;

According to sources, ''DGCA held a meeting with domestic airlines over a spike in airfares, haven't issued a diktat but advisory advised airlines to increase capacity &amp; keep fares in check. Several domestic factors led to a spike in fares but airlines have promised to keep them under control.''

Shri Prabhu also instructed DGCA to avoid last minute cancellation or change in schedule so as to minimize passenger inconvenience, and 
ensure that affected passengers are duly adjusted/refunded as per the relevant regulations.

As per the direction of Minister for Civil Aviation Shri Suresh Prabhu, Directorate General of Civil Aviation (DGCA) reviewed the performance of Jet Airways on operational, airworthiness and passenger facilitation today.

As per the direction of Minister for Civil Aviation Shri Suresh Prabhu, Directorate General of Civil Aviation (DGCA) reviewed the performance of Jet Airways on operational, airworthiness and passenger facilitation today. Current availability of aircraft in the fleet for operation is 41 and accordingly scheduled for 603 domestic flights and 382 international flights have been drawn. However, it is a dynamic situation and there may be further attrition in the coming weeks. DGCA instructed them to comply with relevant provisions of applicable CARs for facilitation of passengers regarding timely communication, compensation and providing alternate flights. The data is being monitored by DGCA on a regular basis. They are also ensuring that all aircraft in the fleet whether in operation or on the ground are maintained in accordance with Approved Maintenance Programme (AMP). Jet Airways was also directed to ensure that no Pilots/Cabin Crew/AMEs should be rostered on duty who had reported stress of any nature. According to sources, ''DGCA held a meeting with domestic airlines over a spike in airfares, haven't issued a diktat but advisory advised airlines to increase capacity & keep fares in check. Several domestic factors led to a spike in fares but airlines have promised to keep them under control.'' Shri Prabhu also instructed DGCA to avoid last minute cancellation or change in schedule so as to minimize passenger inconvenience, and ensure that affected passengers are duly adjusted/refunded as per the relevant regulations.

DGCA reviews Jet Airways' performance on operational, airworthiness & passenger facilitation

The umbrella body of the domestic pilots of the nearly crippled <a href="https://www.wionews.com/business-economy/jet-airways-shares-fell-by-5-amid-massive-flights-cancellation-204299">Jet Airways</a> Tuesday threatened to stop flying from April 1, if the resolution plan is delayed and salary dues are not cleared by the end of this month.

The decision was taken at the annual meeting of Jet Airways domestic pilots body National Aviators Guild after a meeting here lasting for over 90 minutes.

The guild, which came into being almost a decade ago, represents around 1,000 domestic pilots at the airline.

"If there is no proper clarity on the resolution process and salary payments, by March 31, we will stop flying from April 1," the guild said.

The pilots and other senior staff have not RPT not been getting their full salaries since December.

Having failed to get any assurance from the management on salaries, the guild last week had written to Union labour minister Santosh Gangwar, seeking his intervention.

Meanwhile, aviation minister Suresh Prabhu Tuesday also directed his the secretary to hold an emergency meeting on the debt-ridden airline that has been cancelling flights abruptly following grounding of a large part of its fleet.&nbsp;

The umbrella body of the domestic pilots of the nearly crippled Jet Airways Tuesday threatened to stop flying from April 1, if the resolution plan is delayed and salary dues are not cleared by the end of this month.

The umbrella body of the domestic pilots of the nearly crippled Jet Airways Tuesday threatened to stop flying from April 1, if the resolution plan is delayed and salary dues are not cleared by the end of this month. The decision was taken at the annual meeting of Jet Airways domestic pilots body National Aviators Guild after a meeting here lasting for over 90 minutes. The guild, which came into being almost a decade ago, represents around 1,000 domestic pilots at the airline. "If there is no proper clarity on the resolution process and salary payments, by March 31, we will stop flying from April 1," the guild said. The pilots and other senior staff have not RPT not been getting their full salaries since December. Having failed to get any assurance from the management on salaries, the guild last week had written to Union labour minister Santosh Gangwar, seeking his intervention. Meanwhile, aviation minister Suresh Prabhu Tuesday also directed his the secretary to hold an emergency meeting on the debt-ridden airline that has been cancelling flights abruptly following grounding of a large part of its fleet.

Jet Airways pilots threaten to stop flying from April 1

Govt steps in to rescue Jet Airways, asks state-run banks to help

Shares of debt-ridden <a href="https://www.wionews.com/business-economy/government-asked-banks-to-save-jet-avoid-bankruptcy-sources-204282">Jet Airways fell by five per cent</a> Tuesday amid massive cancellation of flights by the airline due to the grounding of a large part of its fleet.

The shares of the company plunged 5 per cent to Rs 225.10 on the BSE.

On the NSE, shares declined 4.77 per cent to Rs 225.45.

Civil Aviation Minister Suresh Prabhu on Tuesday directed his ministry's secretary to hold an emergency meeting on Jet Airways massively cancelling flights after grounding of a large part of its fleet.

The minister's direction came in the wake of the airline drastically reducing its operations due to liquidity crunch.

"Directed Secretary, @MOCA GOI to hold an emergency meeting on the grounding of flights by Jet Airways, advance bookings, cancellations, refunds and safety issues, if any," Prabhu said in a tweet.

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Directed Secretary, <a href="https://twitter.com/MoCA_GoI?ref_src=twsrc%5Etfw">@MoCA_GoI</a> to hold an emergency meeting on grounding of flights by Jet Airways, Advance bookings, Cancellation, Refunds and Safety issues, if any. Asked him to get a report on Jet compliance issues immediately from DGCA. <a href="https://twitter.com/jayantsinha?ref_src=twsrc%5Etfw">@jayantsinha</a>
— Chowkidar Suresh Prabhu (@sureshpprabhu) <a href="https://twitter.com/sureshpprabhu/status/1107895331776163841?ref_src=twsrc%5Etfw">March 19, 2019</a></blockquote>
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Meanwhile, Jet Airways aircraft maintenance engineers' union wrote to aviation regulator Directorate General of Civil Aviation on Tuesday that three months of salary was overdue to them and flight safety "is at risk".

The airline on Monday said it had grounded four more planes, taking the number of aircraft that are non-operational due to non-payment of lease rentals to 41.

Meanwhile,&nbsp;India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.&nbsp;

Shares of debt-ridden Jet Airways fell by five per cent Tuesday amid massive cancellation of flights by the airline due to the grounding of a large part of its fleet.

Shares of debt-ridden Jet Airways fell by five per cent Tuesday amid massive cancellation of flights by the airline due to the grounding of a large part of its fleet. The shares of the company plunged 5 per cent to Rs 225.10 on the BSE. On the NSE, shares declined 4.77 per cent to Rs 225.45. Civil Aviation Minister Suresh Prabhu on Tuesday directed his ministry's secretary to hold an emergency meeting on Jet Airways massively cancelling flights after grounding of a large part of its fleet. The minister's direction came in the wake of the airline drastically reducing its operations due to liquidity crunch. "Directed Secretary, @MOCA GOI to hold an emergency meeting on the grounding of flights by Jet Airways, advance bookings, cancellations, refunds and safety issues, if any," Prabhu said in a tweet. Directed Secretary, @MoCA_GoI to hold an emergency meeting on grounding of flights by Jet Airways, Advance bookings, Cancellation, Refunds and Safety issues, if any. Asked him to get a report on Jet compliance issues immediately from DGCA. @jayantsinha — Chowkidar Suresh Prabhu (@sureshpprabhu) March 19, 2019 × Meanwhile, Jet Airways aircraft maintenance engineers' union wrote to aviation regulator Directorate General of Civil Aviation on Tuesday that three months of salary was overdue to them and flight safety "is at risk". The airline on Monday said it had grounded four more planes, taking the number of aircraft that are non-operational due to non-payment of lease rentals to 41. Meanwhile, India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.

Jet Airways shares fell by 5% amid massive flights cancellation

India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.

The finance ministry has in the past year sought regular updates from the banks, led by State Bank of India (SBI), on Jet's financial health, the people said. In recent months, the banks have provided weekly updates about a revival plan and also sought government advice, the people added.

"Top officials at the finance ministry seek regular updates on the issue," said an official at one of Jet's lenders, who did not want to be identified as discussions are private.

Details of the discussion between the finance ministry and bankers on bailing out Jet have not been previously reported.

New Delhi has urged state-run banks to convert debt into equity and take a stake in Jet in a rare move in India to use taxpayer money to save a struggling private-sector company from bankruptcy. The two people plus one more source, however, said this would be "transitory" and lenders could sell the stakes once Jet revives.

The government has also nudged its 49 per cent-owned National Investment and Infrastructure Fund (NIIF) - created to invest in stalled and new infrastructure projects - to buy a stake in Jet, a separate government source said.

Saddled with more than US $1 billion of debt, Jet is struggling to stay aloft. It has delayed payments to banks, suppliers, employees and aircraft lessors - some of which have begun terminating lease deals.

The world's biggest democracy is gearing up for an election next month and its booming aviation sector, which employs close to a million people, has been one of the job-creation success stories that Modi can point to as he seeks a second term.

It is crucial for India that Jet revives as the fall of its second-largest airline could have "disastrous consequences for the investment climate" in the sector, a top government official said.

The official is concerned that if Jet collapses it could drive up airfare in a fast-growing market, wiping out efforts to bring low-cost air travel to India's hinterland.

A chaotic end could also make it more difficult for the government to sell a stake in Air India, at least in the short run. Last year, it failed to sell part of its stake in the indebted carrier which currently relies on taxpayer money.

If the government's plan for Jet succeeds, then state-run banks including SBI and Punjab National Bank (PNB) as well as NIIF would together own at least a third of the airline until they find a new buyer.

Currently, Abu Dhabi's Etihad Airways is Jet's largest shareholder with a 24 per cent stake.

India's finance ministry, SBI, PNB and Jet Airways did not respond to requests for comment.

KINGFISHER'S COLLAPSE

Most companies in Jet's financial condition would be placed by creditors into India's new bankruptcy process, two bankers said. However, memories of the chaos sparked by Kingfisher Airlines's demise in 2012 have prompted the government to seek a more sober road to rescue, they said.

Kingfisher's bankruptcy caused job losses, lessors lost millions of dollars and banks took massive writedowns.

Putting what is essentially a services provider like Jet through the bankruptcy process would diminish its value because it owns no major assets, unlike a manufacturing company, as most of its planes are leased, said another government official.

If it is pushed into bankruptcy and lessors start pulling even more planes out of service, there would be nothing left for any potential investors, the official said. Already 41 planes have been grounded by lessors in the past three months, leading to flight cancellations.

While on the surface Jet's future still hangs in the balance with its main shareholder Etihad at loggerheads over the final terms of any deal, behind-the-scenes support from the government means there is likely to be a bailout.

But there are no easy options, one of the sources said, adding that the lenders do not have the expertise to run an airline so they have to decide what to do once they convert their debt into equity.

New Delhi is also backing a proposal for Jet's founder and Chairman Naresh Goyal to step down if it means saving the airline, another official said.

"Saving Jet is not equivalent to saving Goyal," the official said.

RISING AIRFARE

Jet, with its fleet of 119 planes, once controlled a sixth of India's domestic aviation market. The 25-year-old airline is also one of only two full-service carriers that flies to international destinations. The other is Air India.

The government ideally wants four to six major airlines to ensure fares are competitive and passengers have greater choice, according to the top government source.

India plans to build 100 new airports costing about $60 billion which would need a steady stream of flights to sustain them, and that is possible only if there are enough airlines, a separate official said.

"The investment in these airports will solely depend on operators willing to have regular flights at affordable prices and one operator going bankrupt does not help," he said.

India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.

India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters. The finance ministry has in the past year sought regular updates from the banks, led by State Bank of India (SBI), on Jet's financial health, the people said. In recent months, the banks have provided weekly updates about a revival plan and also sought government advice, the people added. "Top officials at the finance ministry seek regular updates on the issue," said an official at one of Jet's lenders, who did not want to be identified as discussions are private. Details of the discussion between the finance ministry and bankers on bailing out Jet have not been previously reported. New Delhi has urged state-run banks to convert debt into equity and take a stake in Jet in a rare move in India to use taxpayer money to save a struggling private-sector company from bankruptcy. The two people plus one more source, however, said this would be "transitory" and lenders could sell the stakes once Jet revives. The government has also nudged its 49 per cent-owned National Investment and Infrastructure Fund (NIIF) - created to invest in stalled and new infrastructure projects - to buy a stake in Jet, a separate government source said. Saddled with more than US $1 billion of debt, Jet is struggling to stay aloft. It has delayed payments to banks, suppliers, employees and aircraft lessors - some of which have begun terminating lease deals. The world's biggest democracy is gearing up for an election next month and its booming aviation sector, which employs close to a million people, has been one of the job-creation success stories that Modi can point to as he seeks a second term. It is crucial for India that Jet revives as the fall of its second-largest airline could have "disastrous consequences for the investment climate" in the sector, a top government official said. The official is concerned that if Jet collapses it could drive up airfare in a fast-growing market, wiping out efforts to bring low-cost air travel to India's hinterland. A chaotic end could also make it more difficult for the government to sell a stake in Air India, at least in the short run. Last year, it failed to sell part of its stake in the indebted carrier which currently relies on taxpayer money. If the government's plan for Jet succeeds, then state-run banks including SBI and Punjab National Bank (PNB) as well as NIIF would together own at least a third of the airline until they find a new buyer. Currently, Abu Dhabi's Etihad Airways is Jet's largest shareholder with a 24 per cent stake. India's finance ministry, SBI, PNB and Jet Airways did not respond to requests for comment. KINGFISHER'S COLLAPSE Most companies in Jet's financial condition would be placed by creditors into India's new bankruptcy process, two bankers said. However, memories of the chaos sparked by Kingfisher Airlines's demise in 2012 have prompted the government to seek a more sober road to rescue, they said. Kingfisher's bankruptcy caused job losses, lessors lost millions of dollars and banks took massive writedowns. Putting what is essentially a services provider like Jet through the bankruptcy process would diminish its value because it owns no major assets, unlike a manufacturing company, as most of its planes are leased, said another government official. If it is pushed into bankruptcy and lessors start pulling even more planes out of service, there would be nothing left for any potential investors, the official said. Already 41 planes have been grounded by lessors in the past three months, leading to flight cancellations. While on the surface Jet's future still hangs in the balance with its main shareholder Etihad at loggerheads over the final terms of any deal, behind-the-scenes support from the government means there is likely to be a bailout. But there are no easy options, one of the sources said, adding that the lenders do not have the expertise to run an airline so they have to decide what to do once they convert their debt into equity. New Delhi is also backing a proposal for Jet's founder and Chairman Naresh Goyal to step down if it means saving the airline, another official said. "Saving Jet is not equivalent to saving Goyal," the official said. RISING AIRFARE Jet, with its fleet of 119 planes, once controlled a sixth of India's domestic aviation market. The 25-year-old airline is also one of only two full-service carriers that flies to international destinations. The other is Air India. The government ideally wants four to six major airlines to ensure fares are competitive and passengers have greater choice, according to the top government source. India plans to build 100 new airports costing about $60 billion which would need a steady stream of flights to sustain them, and that is possible only if there are enough airlines, a separate official said. "The investment in these airports will solely depend on operators willing to have regular flights at affordable prices and one operator going bankrupt does not help," he said.

Government asked banks to save Jet Airways, avoid bankruptcy: Sources

Some lessors of India's Jet Airways have begun terminating lease deals over unpaid dues and are preparing to move the leased planes abroad, escalating a crisis for the cash-strapped carrier, five sources with knowledge of the matter told Reuters.

Two lessors have applied to the Directorate General of Civil Aviation (DGCA) to deregister at least five planes leased to Jet, three of the sources said. Termination of lease agreements normally precedes applications made to the DGCA.

Jet has delayed payments to its pilots, suppliers, and lessors for months and defaulted on loans after racking up over $1 billion in debt. While it is now meeting some of its payments, it's survival hinges on emergency funding from the country's main state-backed banks.

Frustrated by the unpaid dues, Jet's lessors, including many of the world's biggest players such as GE Capital Aviation Services (GECAS), Aercap Holdings and BOC Aviation have already taken control of some their planes, sources said, leading to the grounding of nearly a third of its 119 aircraft fleet.

Once the planes are deregistered, they can be taken out of the country and leased to other airlines.

One of the sources with direct knowledge of the matter said that of the planes being deregistered, two are potentially being flown to China and one to Ireland.

Another industry source said GECAS and Aercap had filed an application to deregister a total of five planes.

Lease terminations could hit the already fragile confidence of business partners of Jet.

Jet did not respond to requests for comment. AerCap declined to comment and there was no immediate response from GECAS to a query sent outside normal business hours.

All the sources declined to be identified due to the sensitivity of the matter.

Founder chairman Naresh Goyal, who transformed Jet to India's biggest full-service carrier from its humble start 25 years ago, has said it is thrashing out a bailout plan, led by the state-run banks and Abu Dhabi's Etihad Airways.

Before the groundings, Jet controlled over a sixth of the market, capitalizing on a boom in flying. But high fuel taxes, a weak rupee and ultra-low fares have hurt profitability.

Jet's financial troubles have rekindled memories of Kingfisher Airlines' collapse in 2012 that forced lessors to write off millions of dollars.

Last week, FLY Leasing Ltd said it had grounded three planes on lease to Jet and would take them back and reallocate them elsewhere if the airline failed to get approvals for its restructuring plan this month.

Jet has been forced to cancel hundreds of flights and irate passengers have turned to social media platforms to express their outrage.

REPOSSESSION STILL TOUGH

After Kingfisher Airlines' disorderly collapse in 2012, India modified rules in line with the Cape Town Convention, an international treaty that makes it easier for foreign lessors to repossess aircraft during payment defaults.

India said last year it was seeking to revise some local laws, which still conflicted with the full implementation of the convention making it a more complicated process in India than in some other countries.

In theory, lessors have the option of filing a complaint with the government, which in turn can cancel the registration of a plane within five working days, allowing lessors to repossess it subject to certain conditions, including unpaid dues. However, this is often a long process.

According to a government notice issued in November, after any application is filed, all airport operators and other private entities, within five days, need to inform the lessor and DGCA of pending dues related to that aircraft for three months preceding the date of deregistration.

Only after these are cleared, the lessor is allowed to fly the aircraft out of India.

On March 11, DGCA clarified that some of the entities included airports, fuel vendors, tax authorities and customs departments, a move that could further complicate repossessions.

Akshay Nagpal, the partner at law firm L&amp;L Partners, said that while this notice is aimed at asking the government and other agencies to be more vigilant in seeking their dues, 'one cannot rule out lessors viewing this as a step back from their long-time demand of making repossession easier.'

Some lessors of India's Jet Airways have begun terminating lease deals over unpaid dues and are preparing to move the leased planes abroad, escalating a crisis for the cash-strapped carrier, five sources with knowledge of the matter told Reuters.

Some lessors of India's Jet Airways have begun terminating lease deals over unpaid dues and are preparing to move the leased planes abroad, escalating a crisis for the cash-strapped carrier, five sources with knowledge of the matter told Reuters. Two lessors have applied to the Directorate General of Civil Aviation (DGCA) to deregister at least five planes leased to Jet, three of the sources said. Termination of lease agreements normally precedes applications made to the DGCA. Jet has delayed payments to its pilots, suppliers, and lessors for months and defaulted on loans after racking up over $1 billion in debt. While it is now meeting some of its payments, it's survival hinges on emergency funding from the country's main state-backed banks. Frustrated by the unpaid dues, Jet's lessors, including many of the world's biggest players such as GE Capital Aviation Services (GECAS), Aercap Holdings and BOC Aviation have already taken control of some their planes, sources said, leading to the grounding of nearly a third of its 119 aircraft fleet. Once the planes are deregistered, they can be taken out of the country and leased to other airlines. One of the sources with direct knowledge of the matter said that of the planes being deregistered, two are potentially being flown to China and one to Ireland. Another industry source said GECAS and Aercap had filed an application to deregister a total of five planes. Lease terminations could hit the already fragile confidence of business partners of Jet. Jet did not respond to requests for comment. AerCap declined to comment and there was no immediate response from GECAS to a query sent outside normal business hours. All the sources declined to be identified due to the sensitivity of the matter. Founder chairman Naresh Goyal, who transformed Jet to India's biggest full-service carrier from its humble start 25 years ago, has said it is thrashing out a bailout plan, led by the state-run banks and Abu Dhabi's Etihad Airways. Before the groundings, Jet controlled over a sixth of the market, capitalizing on a boom in flying. But high fuel taxes, a weak rupee and ultra-low fares have hurt profitability. Jet's financial troubles have rekindled memories of Kingfisher Airlines' collapse in 2012 that forced lessors to write off millions of dollars. Last week, FLY Leasing Ltd said it had grounded three planes on lease to Jet and would take them back and reallocate them elsewhere if the airline failed to get approvals for its restructuring plan this month. Jet has been forced to cancel hundreds of flights and irate passengers have turned to social media platforms to express their outrage. REPOSSESSION STILL TOUGH After Kingfisher Airlines' disorderly collapse in 2012, India modified rules in line with the Cape Town Convention, an international treaty that makes it easier for foreign lessors to repossess aircraft during payment defaults. India said last year it was seeking to revise some local laws, which still conflicted with the full implementation of the convention making it a more complicated process in India than in some other countries. In theory, lessors have the option of filing a complaint with the government, which in turn can cancel the registration of a plane within five working days, allowing lessors to repossess it subject to certain conditions, including unpaid dues. However, this is often a long process. According to a government notice issued in November, after any application is filed, all airport operators and other private entities, within five days, need to inform the lessor and DGCA of pending dues related to that aircraft for three months preceding the date of deregistration. Only after these are cleared, the lessor is allowed to fly the aircraft out of India. On March 11, DGCA clarified that some of the entities included airports, fuel vendors, tax authorities and customs departments, a move that could further complicate repossessions. Akshay Nagpal, the partner at law firm L&L Partners, said that while this notice is aimed at asking the government and other agencies to be more vigilant in seeking their dues, 'one cannot rule out lessors viewing this as a step back from their long-time demand of making repossession easier.'

Some lessors to end deals with Jet Airways, prepare to fly planes out of India: Sources

All Boeing 737 Max planes flying in the country have now been grounded. The ban came into effect at 4 pm on Wednesday after <a href="http://www.wionews.com/world/four-indians-among-those-dead-in-ethiopian-airlines-plane-crash-202378">two recent crashes of the aircraft</a>, one in Ethiopia this Sunday and one in October last year in Indonesia.&nbsp;

"As of now, all flights of Boeing 737 Max have been grounded," Pradeep Singh Kharola, secretary of the Ministry of Civil Aviation, said on Wednesday. &nbsp;

Kharola added that the flights were grounded "before the deadline of 4 pm", but he also warned that tomorrow will be "a real challenging day".&nbsp;

"Today, SpiceJet cancelled 14 flights. It operates 500 plus flights daily and 14 were cancelled. They've been able to accommodate all passengers on their own. Tomorrow is going to be a real challenging day, as today grounding came into effect in second half of the day," Kharola said.&nbsp;

He added that the government had had a "discussion with the airlines as to how they plan to reduce inconvenience to passengers".&nbsp;

At the moment, SpiceJet is the only Indian airline flying the Boeing 737 Max 8.&nbsp;

It has 12 of them.&nbsp;

Jet Airlines has 5 of the Boeings, but they were already grounded before the Ethiopian Airlines crash on Sunday.&nbsp;

"SpiceJet says they've increased utilisation of existing aircraft," Kharola said on Wednesday.&nbsp;

He said that "about 30-35 flights will get affected tomorrow" but that SpiceJet have "assured that no airport that has SpiceJet service will go unserviced."&nbsp;

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MoCA Secy: Today SpiceJet has cancelled 14 flights, it operates 500 plus flights daily &amp; 14 were cancelled. They've been able to accommodate all passengers on their own. Tomorrow is going to be a real challenging day, as today grounding came into effect in 2nd half of the day <a href="https://t.co/S7aykJOaf2">pic.twitter.com/S7aykJOaf2</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1105794691751129088?ref_src=twsrc%5Etfw">March 13, 2019</a></blockquote>
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He added that SpiceJet would set up a special cell to monitor passengers' complaints.&nbsp; 
&nbsp;

All Boeing 737 Max planes flying in the country have now been grounded. The ban came into effect at 4 pm on Wednesday after two recent crashes of the aircraft, one in Ethiopia this Sunday and one in October last year in Indonesia.

All Boeing 737 Max planes flying in the country have now been grounded. The ban came into effect at 4 pm on Wednesday after two recent crashes of the aircraft, one in Ethiopia this Sunday and one in October last year in Indonesia. "As of now, all flights of Boeing 737 Max have been grounded," Pradeep Singh Kharola, secretary of the Ministry of Civil Aviation, said on Wednesday. Kharola added that the flights were grounded "before the deadline of 4 pm", but he also warned that tomorrow will be "a real challenging day". "Today, SpiceJet cancelled 14 flights. It operates 500 plus flights daily and 14 were cancelled. They've been able to accommodate all passengers on their own. Tomorrow is going to be a real challenging day, as today grounding came into effect in second half of the day," Kharola said. He added that the government had had a "discussion with the airlines as to how they plan to reduce inconvenience to passengers". At the moment, SpiceJet is the only Indian airline flying the Boeing 737 Max 8. It has 12 of them. Jet Airlines has 5 of the Boeings, but they were already grounded before the Ethiopian Airlines crash on Sunday. "SpiceJet says they've increased utilisation of existing aircraft," Kharola said on Wednesday. He said that "about 30-35 flights will get affected tomorrow" but that SpiceJet have "assured that no airport that has SpiceJet service will go unserviced." MoCA Secy: Today SpiceJet has cancelled 14 flights, it operates 500 plus flights daily & 14 were cancelled. They've been able to accommodate all passengers on their own. Tomorrow is going to be a real challenging day, as today grounding came into effect in 2nd half of the day pic.twitter.com/S7aykJOaf2 — ANI (@ANI) March 13, 2019 × He added that SpiceJet would set up a special cell to monitor passengers' complaints.

India: All Boeing 737 Max planes now grounded, government warns tomorrow will be 'real challenging day'

For the second time in less than six months, a Boeing 737 MAX 8 has crashed minutes after takeoff and killed everyone on board, raising fresh questions about the safety of a model that is crucial to the US giant's future plans.

On Sunday, the 157 passengers and crew members of a 737 MAX operated by Ethiopian Airlines were killed. It was the same model as the plane that crashed in Indonesia in October, claiming the lives of the 189 people it carried.

Aviation regulator DGCA will seek information from Boeing as well as Jet Airways and SpiceJet operating Boeing 737 MAX aircraft in the wake of the plane crash in Ethiopia, according to a senior official.

The Directorate General of Civil Aviation (DGCA) would seek information from plane maker Boeing and Indian carriers operating Boeing 737 MAX planes in India, according to the official.

Jet Airways and SpiceJet fly Boeing 737 MAX planes.

China's aviation regulator has also ordered Chinese airlines to suspend their Boeing Co 737 MAX aircraft operations by 6 pm following a deadly crash of a 737 MAX 8 operated by Ethiopian Airlines.

It was the second crash of the 737 MAX, the latest version of Boeing's workhorse narrowbody jet that first entered service in 2017.

For the second time in less than six months, a Boeing 737 MAX 8 has crashed minutes after takeoff and killed everyone on board, raising fresh questions about the safety of a model that is crucial to the US giant's future plans.

For the second time in less than six months, a Boeing 737 MAX 8 has crashed minutes after takeoff and killed everyone on board, raising fresh questions about the safety of a model that is crucial to the US giant's future plans. On Sunday, the 157 passengers and crew members of a 737 MAX operated by Ethiopian Airlines were killed. It was the same model as the plane that crashed in Indonesia in October, claiming the lives of the 189 people it carried. Aviation regulator DGCA will seek information from Boeing as well as Jet Airways and SpiceJet operating Boeing 737 MAX aircraft in the wake of the plane crash in Ethiopia, according to a senior official. The Directorate General of Civil Aviation (DGCA) would seek information from plane maker Boeing and Indian carriers operating Boeing 737 MAX planes in India, according to the official. Jet Airways and SpiceJet fly Boeing 737 MAX planes. China's aviation regulator has also ordered Chinese airlines to suspend their Boeing Co 737 MAX aircraft operations by 6 pm following a deadly crash of a 737 MAX 8 operated by Ethiopian Airlines. It was the second crash of the 737 MAX, the latest version of Boeing's workhorse narrowbody jet that first entered service in 2017.

Jet Airways, SpiceJet to be questioned on Boeing B737 MAX planes after Ethiopian crash

Equity benchmark Sensex surged over 233 points 36,904 in early trade on Monday, which is seen by experts as a pre-poll rally following the announcement of 2019 general election dates.

Similarly, the NSE gauge Nifty rose over 75 points to scale past 11,110 level.

The BSE Sensex started off on a positive note at 36,741.57 and furthered its gains to trade at 36,904.81, rising 233.38 points, or 0.64 per cent, in early trade.

The broader Nifty opened at 11,068.75 and extended its rise to 11,110.95, gaining 75.55 points, or 0.68 per cent.

Experts said that prevailing geopolitical concerns in the wake of recent India-Pakistan military conflicts will be a key factor in the upcoming general elections that may help incumbent NDA government at the Centre.

With the Election Commission of India (EC) announcing dates for the much-awaited 2019 general elections, market analysts say a pre-poll rally is likely to continue, citing historical data which suggests a positive trend in the stock market in case the incumbent returns to power.

Last week, the 30-share Sensex settled 53.99 points, or 0.15 per cent, lower at 36,671.43, while the broader NSE Nifty slipped 22.80 points, or 0.21 per cent, to 11,035.40.

During the week, the Sensex gained 607.62 points or 1.68 per cent; and the Nifty advanced 171.9 points or 1.58 per cent.

Meanwhile, Asian bourses saw mixed trading activities following the subdued last week for global equities. Hong Kong and Japan posted gains, while South Korea stocks retreated. In contrast, Chinese stocks soared.

Besides election-related developments this week, the market will watch CPI, WPI data, analysts said.

Equity benchmark Sensex surged over 233 points 36,904 in early trade on Monday, which is seen by experts as a pre-poll rally following the announcement of 2019 general election dates.

Equity benchmark Sensex surged over 233 points 36,904 in early trade on Monday, which is seen by experts as a pre-poll rally following the announcement of 2019 general election dates. Similarly, the NSE gauge Nifty rose over 75 points to scale past 11,110 level. The BSE Sensex started off on a positive note at 36,741.57 and furthered its gains to trade at 36,904.81, rising 233.38 points, or 0.64 per cent, in early trade. The broader Nifty opened at 11,068.75 and extended its rise to 11,110.95, gaining 75.55 points, or 0.68 per cent. Experts said that prevailing geopolitical concerns in the wake of recent India-Pakistan military conflicts will be a key factor in the upcoming general elections that may help incumbent NDA government at the Centre. With the Election Commission of India (EC) announcing dates for the much-awaited 2019 general elections, market analysts say a pre-poll rally is likely to continue, citing historical data which suggests a positive trend in the stock market in case the incumbent returns to power. Last week, the 30-share Sensex settled 53.99 points, or 0.15 per cent, lower at 36,671.43, while the broader NSE Nifty slipped 22.80 points, or 0.21 per cent, to 11,035.40. During the week, the Sensex gained 607.62 points or 1.68 per cent; and the Nifty advanced 171.9 points or 1.58 per cent. Meanwhile, Asian bourses saw mixed trading activities following the subdued last week for global equities. Hong Kong and Japan posted gains, while South Korea stocks retreated. In contrast, Chinese stocks soared. Besides election-related developments this week, the market will watch CPI, WPI data, analysts said.

Sensex soars 233 points, Nifty above 11,100; Jet Airways, SBI shares jump

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