Banks, lenders working to resolve Jet Airways crisis, avers Suresh prabhu

Naresh Goyal puts in bid to buy stake in Jet Airways

Jet Airways Naresh Goyal

"In parallel, the airline's management and its key stakeholders including its consortium of lenders, continue to work closely towards resolving the current situation".

An urgent meeting to discuss the Jet situation was held at the prime minister's office on Friday, which was also attended by the country's aviation secretary, Pradeep Singh Kharola.

"It has come to our notice that there is a critical meeting planned on Monday morning with the airline management and SBI".

A collapse of Jet Airways, with 23,000 employees, could further dent his credentials. "They have approached them (banks) for interim funding and on Monday they will approach the banks again", Kharola said.

Indian Minister of Civil Aviation Suresh Prabhu on Friday tweeted that the Indian Ministry of Civil Aviation would "review issues related to Jet Airways" and also "take necessary steps to minimize passenger inconvenience and ensure their safety".

On its part, the airline said it has cancelled all global operations from April 12 to 15.

The only hope for the airline now lies with an immediate dose of interim funding and the completion of the stake sale process initiated by the lenders. The fate of the airline hangs in the balance as it has hardly any neither pilots nor aircraft left to sustain daily operations.

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Meanwhile, SpiceJet on Friday announced it will induct 16 Boeing 737-800 NG aircraft on dry lease to bring down flight cancellations and expand the airline's worldwide and domestic presence.

Meanwhile, the crisis in Jet Airways has deepened as the airline could operate only 11 aircraft on Friday, leaving passengers stranded at various domestic and global airports and prompting the Prime Minister's Office (PMO) to hold an urgent meeting to discuss the situation.

Siroya Centre is Jet Airways headquarters in Andheri suburb in Mumbai.

Financially-stressed Jet Airways has time till Tuesday afternoon to pay fuel vendors failing which it might have to ground its operational fleet, industry sources said on Monday. However, some lessors have also withdrawn their de-registration requests.

Cash-strapped Jet Airways is now flying less than 50 domestic flights, a senior official of aviation regulator DGCA said on Friday.

Saddled with more than $1.2 billion of bank debt, the airline has been teetering for weeks and has yet to receive a loan of about $217 million from its lenders as part of a rescue deal agreed in late March.

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