India's stricken Jet Airways lenders to decide on emergency cash

Jet Airways aircraft on tarmac

It however deferred the strike in view of a critical meeting between the airline management and the SBI.

Kharola later told reporters that the government has advised the airline not to compromise on safety in any manner. All but around half a dozen of its 119 aircraft are grounded and all worldwide flights are suspended until Monday.

State Bank of India and other creditors have so far been unable to staunch the bleeding at Jet Airways, whose fleet of aircraft has dwindled to 14 from 119 on December 31, when the company first defaulted on some of its more than $1 billion in debt.

"Depending on what the banks decide, the future course of action would be taken", 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".

This week, it reduced its operations to only seven aircraft flying domestic routes.

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

As per rules, an airline needs to have a minimum of 20 aircraft to be eligible to operate worldwide flights.

It has also closed reservations for its Mumbai-London, Mumbai-Amsterdam-Mumbai and Bangalore-Amsterdam flights, up to April 18, as per the information.

Jet owns 16 out of these 26 aircraft.

Shares of Jet Airways fell 1.5 percent to 252.30 rupees as of 9:42 a.m.in Mumbai, extending this year's losses to 9.1 percent.

In an exchange filing, the Jet Airways said, "This is to inform you that Rajshree Pathy has submitted her resignation as an Independent Director of the company with effect from April 13, owing to time constraints and on account of her other current commitments".

The NAG cited a March 25 announcement in the media by the SBI, that an interim funding of ₹1,500 crore will be made to keep Jet Airways operational. However, some lessors have also withdrawn their de-registration requests.

Jet has been reeling under a severe liquidity crunch, which has forced it to ground jets for which leases have gone unpaid.

Currently, the airline owes over Rs 8,000 crore to a consortium of lenders led by the state-run State Bank of India (SBI).

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