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Jet Airways to suspend operations from Wednesday midnight

  •   Wed, Apr 17 2019 05:57:58 PM

Mumbai, April 17 (IANS): Jet Airways will temporarily suspend all flight operations from Wednesday night as it failed to secure an interim funding of Rs 400 crore for maintaining bare minimum operations, sources said on Wednesday, April 17.

Reports claimed that the lenders have rejected its appeal for emergency funds worth Rs 400 crore to stay afloat. Hence the government has decided not to meddle in the carrier's affairs and let the lenders take a call.

According to the latest reports, Jet Airways’ last flight will take to the skies at 10.30 pm On Wednesday. It is said that Jet Airways CEO Vinay Dube had been authorised by the board in its meeting Tuesday to take the final call on shutting operations after making a final appeal to lenders for immediate fund infusion as it starved of working capital.

 

The airline, which has a huge debt pile on its books, is in the midst of a stake sale process with bids being scrutinised for the final round. Its fleet is reduced to just five aircrafts and it has suspended its international operations.

The 25-year-old airline has a debt burden of more than Rs 8,000 crore. SBI Capital Markets has the mandate for Jet Airways sale on behalf of the SBI-led consortium of the domestic lenders to the debt-ridden private carrier.
  

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Comment on this article

  • abdulla, india

    Thu, Apr 18 2019

    The only and best Airline sin the world those days started by Late Mr"JRDTata. called the '
    ''AIR INDIA" Best managed. top airline sin the world those days in his time.
    he ran it absolutely Business wise.. professional.
    Regrettably they nationalized as the TATAS don't pay Kickbacks..commissions .but give lots in Claritrty..Look where it reached today.
    This is interference and shortsightedness..
    Thanks to the Govt run industry...
    2/Each and every Airlines in india is being harassed at various levels :
    Be it LANDING RIGHTS....
    Buying new aircrafts.
    Maintenance etc.in running daily smooth operations
    scuttled by the so called UNIONS..
    3/Loans:
    Banks are victim.. forced to help them out since the Loan is being diverted..misused.. pilfered..since there is no accountability as the Managers are all like octopus involved..
    4/Who is suffering the JANATHA.
    Now the Airline s becomes bankrupt.
    now again the Naresh Goel will bid since it is now reached Bankrupt position ..he will buy it with all his Cronies for a song and make money there too.
    5/Where are the ethics....morals.. Conduct..caliber?
    Just look at Singapore Airlines/ Emirates Airlines/Air Arabia. Qantas/Dragon air.
    all run with professionalism to the hilt.
    no Interference by any power.
    not like DEVE GOWDA with CH Ibrahim Then aviation minister simply Threw the Tatas bid out as they do not yield to Kick backs.
    why?
    The Janatha is watching..they know the facts.
    Look at the harassment to AIR ASIA..
    It is time to run business purely lean and mean ..professional. with no Political interference.
    since you serve the Public/janatha With TAX payers money.
    You are accountable for all Losses..time and inconvenience caused.
    Indian businessmen need to do YOGA.. For mind.. heart and soul to be in SYNC.
    and think of others first
    work is worship
    Treat others like GOD.
    Change the mind set....LAXMI is watching.
    be accountable..
    Revive all Airlines now..
    do not play with them or harass them...

    DisAgree [2] Agree [2] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Thu, Apr 18 2019

    Today share price is down 30% at 170.

    Just imagine the loss to shareholders who are invested heavily! Jet came with public issue at ₹1100/share! Imagine the loss to those who INVESTED in IPO and still holding!

    Only CEO made money, this is my fastest-growing country in the world!!!

    DisAgree Agree [5] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Thu, Apr 18 2019

    Today share price is down 30% at 170.

    Just imagine the loss to shareholders who are invested heavily! Jet came with public issue at ₹1100/share! Imagine the loss to those who INVESTED in IPO and still holding!

    Only CEO made money, this is my fastest-growing country in the world!!!

    DisAgree Agree [1] Reply Report Abuse

  • Chandu, Karla

    Thu, Apr 18 2019

    This is indeed one of the most sad day in Indian aviation industry 's history with another enterprise going down. While management of jet Airways tot responsible for the failure, government too had a role with its policies related to aviation. Sorry for the employees who are at the receiving end.
    New model of development of new India... God save this country.

    DisAgree Agree [12] Reply Report Abuse

  • joseph Dsouza, Mangalore

    Thu, Apr 18 2019

    Its very sad that I lost my Jet Airways flight from mangalore Ams Toronto. I had to buy tickets from another Airways for the same route. the cost is double . I did not get the refund. will Get the refund.

    DisAgree Agree [4] Reply Report Abuse

  • NN, NN

    Thu, Apr 18 2019

    Jet Airways should go on receivership using the newly enacted bankruptcy law and continue functioning. They should get fresh start by paying 10 paise on a rupee to all their creditors. Almost every airlines in the United States have filed bankruptcies and get rid of their debts. It is an opportunity to start again with a clean slate. Most of them are doing fine in the recent years by cutting down unnecessary cost. Money comes and money goes but the general public shouldn't be put into inconvenience.

    DisAgree [1] Agree [6] Reply Report Abuse

  • Hampi99, India

    Wed, Apr 17 2019

    Sorry state of affairs of aviation in India.
    More than five airlines have gone belly up in the last 5 years - Air pegasus, Air costa, Air carnival,
    Air Odissa,Zoom Air, etc, etc...
    And this govt talks about air aviation being the fastest growing industry in the country....
    The is the new example of ease of doing business in india.....

    DisAgree [1] Agree [4] Reply Report Abuse

  • I wish I was there, Bahrain

    Wed, Apr 17 2019

    Now when are we poor people going to get our refund.

    DisAgree Agree [7] Reply Report Abuse

  • GD, Udupi

    Wed, Apr 17 2019

    Masterstroke of the government, thousands more to join unemployed list. SBI can collect fines to help generate funds for scamsters. However, they can't pump money to revive this company, under its administration.

    DisAgree [1] Agree [4] Reply Report Abuse

  • k b r, Mangala Uru

    Wed, Apr 17 2019

    wait for some time...Amabani / adani will float an airline...

    DisAgree [1] Agree [11] Reply Report Abuse

  • Anil Rai, Dakshina Kannada

    Wed, Apr 17 2019

    Wrong decision to partner with an airline which has a management full of goras family and friends, Etihad Airways, already a sunk ship.

    DisAgree [2] Agree [4] Reply Report Abuse

  • Roshan Rodrigues, Mangalore

    Wed, Apr 17 2019

    The time as come
    Ambani Airlines Service, Modi will Help him

    Logo will be Chowkidar.

    DisAgree [3] Agree [15] Reply Report Abuse

  • Vishal, Mangalore

    Wed, Apr 17 2019

    Jet Airways is a public limited company and it has failed perhaps due to mis-management or siphoning of funds. I can't buy the argument that the government should bail Jet Airways out. Its founder Naresh Goyal may be responsible for this fiasco. The government should keep off this airline. On the other hand, Air India is owned by the government of india and it is the government's responsibility to look after Air India.

    DisAgree [3] Agree [11] Reply Report Abuse

  • Surendra Poojari, Mangalore

    Sat, Apr 20 2019

    You forgot about Anil Ambani airways who got Rafale deal for 10 day old company?
    Government has money to build useless statues, self advertisements and creating propogandas and no money to save jobs of Jet Airways staff.
    Central government need to learn from Spice Jet as they absorbed some of the Jet Airways staff and Government is doing nothing as it's main task is to protect Anil Ambani and Adani.

    DisAgree [1] Agree Reply Report Abuse

  • Rita, Germany

    Wed, Apr 17 2019

    What is wrong at present in airflight dept?one by one flights are cancelled .or Now no more flights at all from certain airlines?why did they allow to sink so deep,instead of in the beginning self to ahndover to others?Usually when one starts any business ,have to keep a certain amount money as deposit?They could have used this deposit from Jet flights to pay the debts I feel.we passengers too are in a very bad situattion to fly from A to B.when no lights are existing.One doesnt operate properly ,other doesnt fly ,third ahs always technical problems.Is there a end to see in this tunnel?Politic is seems not at all intersted in this them.

    DisAgree [3] Agree [10] Reply Report Abuse

  • Anil Rai, Dakshina Kannada

    Wed, Apr 17 2019

    Back to old age waterways, use ship.

    DisAgree Agree [5] Reply Report Abuse

  • Charles D'Mello, Pangala

    Wed, Apr 17 2019

    Another airline is killed by BJP

    DisAgree [11] Agree [42] Reply Report Abuse

  • Sheikh Najeeb, Udupi / Dubai

    Wed, Apr 17 2019

    So sad I loved to travel by Jet airways this particular airline was lil lavish style of service and comfort after Kingfisher..so now look at the door of Air india Express and Indigo no choice

    DisAgree Agree [31] Reply Report Abuse

  • RUDOLPH, MANGALORE

    Wed, Apr 17 2019

    This is the result of improper Chowkidari. Where is our Chowkidar ?

    DisAgree [11] Agree [44] Reply Report Abuse

  • RUDOLPH, MANGALORE

    Wed, Apr 17 2019

    WHY CHOWKIDAR FAILED AGAIN .......? warning for Modi that his paty will not win election.

    DisAgree [9] Agree [43] Reply Report Abuse

  • KS Mayya, Mangalore/Bangalore

    Wed, Apr 17 2019

    Dear Rudolph Mangalore,
    Now that you brought Chowkidhar into the equation, I have the following question:
    1. How can Chowkidhar of yours justify aid to Air India and not Jet Airways and Kingfisher?
    2. Why did Naresh Goyal and family not infuse tonnes of money they have to Jet Airways?
    3. Why did Eithad did not give much needed lifeline?
    4. And finally, how chowdidhar would have helped if he could not help Mallya?
    Please understand the subject if possible before bringing a political angle.

    Now other set of questions:
    If we paid several thousand crores to artificially prop up Air India, should we now democratize rescue operation and extend it to KF and Jet?
    When an entriprise is successful, Banks benefit, but when it fails, banks do the funeral. Which country it actually works? Did not banks take risk of investing in a failing adventure? What cost Bank will pay?

    In all this, Where is Modi, sorry Chowkidhar by the way? Why he should commit our taxpayers money when owners themselves are OK that their enterprise fail?
    If Mallya had the money to pay to the banks, why did he not rescue the airline in the first place?
    If Goel has money, what is he shying away and not rescue that he founded?

    It's money!!!!

    DisAgree [17] Agree [13] Reply Report Abuse

  • kumar, Mangalore

    Thu, Apr 25 2019

    Chaukidar wants gujjus only to monopolize the airlines

    DisAgree Agree Reply Report Abuse

  • Sandeep Kumar, mangalore

    Sun, Apr 21 2019

    People are not fools like you to believe whatever ridiculous you say.

    DisAgree Agree Reply Report Abuse

  • Rudy, Udupi

    Wed, Apr 17 2019

    Very sad. Lot of people will be job less direct employee as well as indirect people like suppliers etc.

    DisAgree [1] Agree [30] Reply Report Abuse

  • DON, Udupi

    Wed, Apr 17 2019

    Who is the chawkidar of this company ? Who cares about self development.

    DisAgree [1] Agree [32] Reply Report Abuse

  • D.Shetty, Mangalore

    Wed, Apr 17 2019

    Jet is private Airline and govt should have any role on its revival. Jet Management is is responsible for its downfall .Tata has offered buying but arrogant Naresh goyal didnt want to loose control and now no bank willing to lend due to strong policy of Modi Govt... its is said he bought it from Air sahar in 2006 for cash and no rocket science to understand the funding then..

    DisAgree [24] Agree [17] Reply Report Abuse

  • Ronald, Bejai,Mangalore

    Wed, Apr 17 2019

    Now Modi will blame Nehru

    DisAgree [9] Agree [67] Reply Report Abuse

  • Vishu, Moodabidri

    Wed, Apr 17 2019

    Remember this, Jet airways vanished under Chowkidar regime.

    DisAgree [11] Agree [68] Reply Report Abuse

  • Praveen, Mangalorean

    Wed, Apr 17 2019

    This kind of Suspend operations heard only after 2014..?

    DisAgree [8] Agree [61] Reply Report Abuse

  • Hindustani, Mangalore

    Wed, Apr 17 2019

    GOD SAVE INDIA

    DisAgree [4] Agree [55] Reply Report Abuse

  • Gurudath, M'lore/Mumbai

    Wed, Apr 17 2019

    TATAs offered to take over operations. They had money. But Goyal didn't want to quit. He still wanted some control. Now the value of airline has drastically fallen.

    DisAgree [1] Agree [63] Reply Report Abuse

  • Rao, Udupi

    Wed, Apr 17 2019

    Jet airways should pay the employees as a priority.

    Employees and their families cannot starve because of the loss of the Jet airways.

    Govt should step in if the Jet airways defaults in payment to employees. They cannot be allowed like Kingfisher.

    DisAgree [1] Agree [35] Reply Report Abuse

  • VISHU, Moodbidri

    Wed, Apr 17 2019

    Chowkidar will not 'Bail Out' Mr.Goyal. You know why..

    DisAgree [4] Agree [37] Reply Report Abuse

  • Paul, Mangalore

    Wed, Apr 17 2019

    Now he is to blame.
    When Mallaya had debits. Most said he was that this .Even if he was ready to.pay bank the bank disnt accept .
    Now nobody speaks about Jet
    Its not false the saying
    "Every Dog has a day"

    DisAgree [2] Agree [27] Reply Report Abuse

  • Vishu, Moodabidri

    Wed, Apr 17 2019

    20,000 jobs are on the line..guys!!

    DisAgree [3] Agree [46] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Apr 17 2019

    Luckily Jet Airways shut sown during the era of Chowkidar ...

    DisAgree [15] Agree [100] Reply Report Abuse

  • PINTO, Mangalore

    Wed, Apr 17 2019

    BSNL is on the death bed

    DisAgree [6] Agree [71] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Apr 17 2019

    Die in India ...

    DisAgree [8] Agree [56] Reply Report Abuse

  • Anil Rai, Dakshina Kannada

    Wed, Apr 17 2019

    HAL is in ICU..

    DisAgree [2] Agree [8] Reply Report Abuse

  • D.Shetty, Mangalore

    Wed, Apr 17 2019

    why Govt has to bail out ..You manage fund...No more public tax to be utilised...
    Jai Modiji govt.

    DisAgree [40] Agree [16] Reply Report Abuse

  • SJM, Mangalore

    Wed, Apr 17 2019

    The day will come chowkidhar and his bakths will travel only thru bail Gaadi.

    DisAgree [6] Agree [22] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Apr 17 2019

    I guess you are happy making Pakoda's ...

    DisAgree [7] Agree [25] Reply Report Abuse


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