Jet Airways Aircraft Seized at Amsterdam Schiphol Airport

Jet Airways

Lenders of the debt-ridden Jet Airways on Wednesday extended the submission deadline of "expression of interest" for stake sale in the airline to recover their dues.

To be certain that genuine parties are bidding, SBI Caps, the merchant banker undertaking the task, said all members of the consortium have to provide their details, which then have to be certified by their managing director or chief executive director. Shares of Jet Airways declined 1.59 per cent to close at Rs 263.40 on the BSE. Civil Aviation Secretary Pradeep Singh Kharola said last week that only 26 aircraft are operational while Jet Airways last month said it is now flying 35 planes.

Once India's leading private carrier, Jet has been forced to ground more than three quarters of its fleet, mainly by lessors owed several months' payments, sources have said.

Lessors to Jet Airways applied to the Directorate-General of Civil Aviation (DGCA) to de-register more aircraft leased to the beleaguered airline.

Shortly after news of the seizure broke, Indian Oil Corp is reported to have halted fuel supplies to the airline for the second time.

Once a plane is de-registered, the lessor can take it out of the country and lease it to other airlines.

The airline said the there was a delay because of "operational reasons".

Aircraft fuel suppliers are also tightening the noose.

The resolution plan to rescue the airline could not be signed after the Supreme Court struck down the February 12 circular of Reserve Bank of India (RBI).

Due to cash crunch, the airline has been paying only part salaries to its over 16,000 employees which forced a section of its pilots on Tuesday sending a legal notice to the management which is now being headed by the lenders led by State Bank of India. The airline will further update guests with revised timings.

Earlier, SBI chairman Rajnish Kumar had said that lenders did not want to initiate insolvency proceedings against Jet Airways. On March 25, Goyal had stepped down from the board of the airline and ceded majority control to the SBI-led consortium. Lenders are now saying that all options are open. Etihad's stake will fall from 24% to 12% while banks will hold 50% of Jet Airways.

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