Crisis continued to deepen at cash-starved Jet Airways on Tuesday as the airline flew just five planes and the management made desperate attempts to garner emergency funds worth Rs 400 crore to stay afloat even as the lenders remained undecided on extending the lifeline.<\/p>\n\n\n\n
While the \nmeeting of the ailing airline’s board in Mumbai that went on for over \nthree hours remained inconclusive, officials at the lenders and the \ngovernment maintained that efforts are on to revive the carrier.<\/p>\n\n\n\n
However,\n the carrier’s pilots union NAG on Tuesday threatened to seek resolution\n under insolvency law as salaries dues remained unpaid. With uncertainty\n mounting over the future course for the airline, which has been in \noperation for more than 25 years, its shares crashed nearly 19 per cent \nduring the day amid reports that the carrier might temporarily suspend \noperations.<\/p>\n\n\n\n
Civil Aviation Secretary Pradeep Singh Kharola said \nthe airline has sought emergency funds worth around Rs 400 crore from \nbanks and that the matter is between the carrier and the lenders. \nBriefing reporters in New Delhi, he said Jet Airways was operating only \nfive planes.<\/p>\n\n\n\n
Government officials said lenders are discussing \nways to revive the crisis-hit carrier and fresh funds are likely to be \ninfused shortly. “Discussions for reviving the airline are underway and \nnothing has been finalised as of now,” Punjab National Bank Managing \nDirector and CEO Sunil Mehta told reporters in New Delhi.<\/p>\n\n\n\n
Representatives\n of various lenders to Jet Airways are also understood to have discussed\n issues related to Jet Airways with Financial Services Secretary Rajiv \nKumar.Jet Airways has a debt burden of more than Rs 8,000 crore. Jet \nAirways said it is awaiting “emergency liquidity support” from the \nSBI-led consortium of lenders to arrest further deterioration in its \nservices.<\/p>\n\n\n\n
In the morning, Civil Aviation Minister Suresh Prabhu \ncalled for a review of issues related to Jet Airways, including rise in \nairfares. The civil aviation ministry, in a late evening tweet, said \nthat as instructed by the minister, a review meeting was held under the \nchairmanship of the secretary. “Airlines agreed to use lower price \nbuckets for selling tickets in order to keep fares within reasonable \nlimits,” it said.<\/p>\n\n\n\n
NAG’s Vice President Aseem Vlianini said the \nunion might approach the National Company Law Tribunal for a resolution.\n Entities seeking <\/p>\n\n\n\n
resolution under the Insolvency and Bankruptcy Code (IBC) should have to first get the go-ahead from the tribunal.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"
Crisis continued to deepen at cash-starved Jet Airways on Tuesday as the airline flew just five planes and the management made desperate attempts to garner emergency funds worth Rs 400 crore to stay afloat even as the lenders remained undecided on extending the lifeline. While the meeting of the ailing airline’s board in Mumbai that […]<\/p>\n","protected":false},"author":1,"featured_media":59288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-59287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/59287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=59287"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/59287\/revisions"}],"predecessor-version":[{"id":59289,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/59287\/revisions\/59289"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/59288"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=59287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=59287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=59287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}