Jet Airways founder Naresh Goyal, wife step down from board

Jet Airways mid-air horror Jet Airways DGCA Directorate General of Civil Aviation support mumbai Jet Airways horror

The board decisions come as the full-service airline struggles to repay its debt of almost Rs 8,000 crore to banks led by State Bank of India. The carrier also announced the induction of two nominee directors of lenders. The full service carrier has a debt burden of more than Rs 8,200 crore and needs to make repayments worth up to Rs 1,700 crore by March end.

After weeks of speculations and uncertainties over the future course of Jet Airways, which has grounded over 80 planes due to financial woes, approved constitution of an Interim Management Committee to manage and monitor the daily operations and cash flow of the company.

As part of this, lenders will now infuse funding support of Rs 1500 crore by way of issue of appropriate debt instrument against security of its assets.

Saddled with a debt of over $1 billion of debt, Jet Airways has been struggling to stay afloat. It has also delayed payments to banks, suppliers, employees and aircraft lessors.

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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.

Jet Airways share price has been gaining for the last two days and has risen 6.93% during the period.

Jet Airways, which is saddled with over $1 billion in debt, has grounded almost 40 planes because of non-payment of dues in the past few weeks. The airlines have promised the pilots a base city of their choice, apart from a two-month base salary as a joining bonus, they said. Shares of Jet Airways had jumped over 15% on the National Stock Exchange after the news reports, and closed the day at Rs 261 per share. "That is the best process", Srinivas said, in response to a query on whether Jet Airways qualified for bankruptcy proceedings.

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