Jet Airways may shut down temporarily; Naresh Goyal opts out of bidding

NEW DELHI: The Jet Airways management is learnt to have proposed temporary shutting down of operations till funding is organized for. The proposal used to be made at an emergency meeting of the airline board in Mumbai on Tuesday, a day after lenders refused to grant the promised Rs 1,500 crore emergency funding. A proper word from Jet is awaited.

Kids’ charges to EMIs: Jet Airways staffers’ worries bounce

“Request has been made to HR (to) release my 3 months’ pending wage. It is still pending. The suggested treatment is bone marrow transplant which (will) price over Rs 25 lakh. I am left without a selection (but) to make an enchantment to all my colleagues to lend a hand on this dire hour,” learn the WhatsApp from the AME, who had exhausted his entitlement for hospitalisation expenses. But even as the cash-strapped management and pilots scrambled to prepare price range, the younger boy gave up the ghost.

Meanwhile, Jet founder Naresh Goyal has reportedly withdrawn his expression of hobby (EoI) to buy stake in the airline. His EoI had ended in opposition from other players who've also proven hobby in the airline. Other players like Etihad and TPG Capital had even said they would walk out of the bid if the founder does not withdraw himself.

Jet has been running five ATRs and one or two Boeing 737 since closing Saturday — down from a fleet of 124 from closing November. People running the airline now are finding it more and more difficult to take action as oil firms ceaselessly cut fuel provide as Jet has totally run out of price range.

“While there is not any cash to run the airline, the only reason why attempts had been being made to continue running it used to be to ensure it will get a buyer. Once the airline is shut, what is there to buy? The slots will anyway be to be had in Delhi, Mumbai, Bangalore and so forth as soon as it stops flying,” said a supply.

Not just Jet, 12 airways went bust in 21 years

Stiff competition, low-cost fares, take the shine off the steady upward thrust of air traffic in Indian skies

Aviation authorities are going to satisfy airways to see how Jet’s slots should be disbursed among them. SpiceJet and IndiGo are including aircraft and introducing new flights. Tata Group-Singapore Airlines JV Vistara could be requested to see if they can prepone there wide body operations, say sources.

This churning is visible in stock prices. On Tuesday at 1.15 pm, BSE saw Jet percentage price down 10% whilst competitors IndiGo and SpiceJet had been up 3% and 6.five%. IndiGo percentage, if truth be told, hit a new all-time high of Rs 1,523.