Jet Airways suspends all flight operations

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

Jet Airways cancels all flights causing passenger chaos | Daily Star

"I repeat once again that I have placed liquid assets before the Hon'ble Karnataka High Court to pay off the PSU Banks and all other creditors". Not recognised and instead slammed in every possible way.

The airline was operating five aircraft on April 17, and may continue with the same till oil marketing companies stop fuel supply.

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. A consortium led by the State Bank of India is in active talks with several parties regarding a sale of up to 75% of Jet Airways' stake.

Jet Airways had requested its lenders for aditional Rs 400 crore but it was rejected.

The UK's Civil Aviation Authority tweeted advice to customers, outlining different approaches for seeking refunds depending on how the flight was booked.

A source at the Jet Airways also said the airline was likely to shutter soon as the banks have not extended it the required financial support.

Jet's last flight preceding the suspension will take off from Amritsar for Mumbai at 10.20 pm on Wednesday.

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Intense competition from low-priced carriers, like Interglobe-owned IndiGo and SpiceJet Ltd, together with higher oil prices, hefty fuel taxes and a weak rupee have piled pressure on the airline in recent months.

Earlier in the day, civil aviation minister Suresh Prabhu had called for a review of issues related to Jet Airways.

Jet Airways is the seventh airline to go down since May 2014.

"We would like to appeal SBI to release Rs 1,500 crore funds for the airline to help it continue operations".

Since the 25 March resolution to infuse Rs 1,500 crore into the airline is yet to fructify, the once leading airline has been defaulting on payments, forcing its lessors to retake nearly all its planes and was operating just about six planes as of Tuesday.

Pilots, engineers and ground staff have not been paid for months while passengers have been left stranded around the world. The crisis-hit airline has also defaulted on the March salary of other categories of employees as well.

"Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going. and has chose to go ahead with temporary suspension of operations", the airline said. It explained that it can not afford to pay for fuel or other critical services to keep the operations going, as all its months-long attempts to seek both interim and long-term funding were in vain.

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