India's Jet Airways to suspend all operations after banks reject funding request


"With our air reward offering, "Select Flights", members have the choice to redeem their JPMiles to fly free across more airlines, any destinations, any flights and any seats in India and globally, starting with the same JPMiles requirement as before which was applicable on Jet Airways and its partner airlines", Jet Privilege said.

Indian airline Jet Airways has announced that they have temporarily suspended all flights.

The airline said it was is engaged with lenders and the State Bank of India and was awaiting a final bid.

"We have in the past witnessed many airlines shutting shop and it is time to appreciate that the razor thin margins which airlines are forced to operate with in a competitive environment, results in a scenario that encourages unsustainability", he noted.

It is now unknown whether Jet Airways will be able to restart operations. Airline Karma? The former Kingfisher Airlines boss took yet another swipe at the media as well, claiming every offer he makes to pay back funds owed by his now-defunct Kingfisher Airlines to PSU banks resulted in reports that claim he is spooked, terrified etc of being extradited from the United Kingdom back to India.

Before its last flight tonight from Amristar to Delhi, Jet's fleet diminished to just five aircraft and 37 flights from 123 planes and some 650 daily flights till December last.

More news: Trump predicts how the Democratic presidential primary will turn out

Earlier this week, Jet's creditors, led by the State Bank of India, were unable to reach a decision on the emergency infusion in the airline's operations.

After over four months of flailing its wings to stay afloat amid a cash-drought, crisis-riddled Jet airways finally threw in the towel Wednesday after its lenders refused to offer an Rs 400-crore lifeline. Hundreds of domestic flights too have been cancelled so far.

An analysis of the latest data disclosed by the Directorate General of Civil Aviation shows that Jet's lessors have, so far, sought to deregister and repossess at least 48 planes operated by Jet. Meanwhile, a State Bank of India (SBI) led consortium of 13 Indian banks continue their attempt to enforce a worldwide freezing order upheld by the UK High Court in May a year ago through a number of follow up court orders to try and recoup some of the GBP 1.145 billion owed to them. We hope to bring the flying sun back into the skies.

Its lenders, led by SBI, have been seeking expressions of interest for an up to 75 per cent stake in the airline.

A collapse of Jet, and the loss of more than 20,000 jobs, would deal a blow to Prime Minister Narendra Modi's pro-business reputation as he seeks a second term in ongoing national elections.

Jet Airways is unique and it is unique because of its employees.