Naresh Goyal opts out from bidding for ailing Jet Airways

PNB Sunil Mehta

PNB Sunil Mehta

"The interim funding has not been forthcoming thus far, and as a result of this, we have extended cancellation of global operations through Thursday, April 19", CEO Vinay Dube said in a letter written to staff. "A proposal for a fresh fund infusion has been given to the lenders", an unidentified airline official told the agency.

As per ICRA's report, the airline had large repayments due in March to the tune of Rs 1,700 crores and further Rs 2,445 crore due in FY20 and Rs 2,168 crore due in FY21.

SBI Capital Markets, which has the mandate for Jet Airways stake sale on behalf of the SBI-led consortium of lenders, will decided on bidders for the airline at a meeting on Tuesday.

"The current status of our engagement with the lenders and other related matters shall be placed before the board tomorrow morning, where the management will seek guidance from the board on the next steps forward", Dube added. Jet Airways CEO Vinay Dube assured employees, "We will keep you updated on all the critical developments".

On Friday, the airline cancelled global operations for April 12 to 15.

IANS had exclusively reported earlier in the day that Jet has stopped forward bookings for some of its global sectors, including those for east Asia. The airline had hoped to receive some funds on Monday evening as that would have allowed for clearance of salaries and a possible increase in its operational fleet. It has resulted in cancellation of several hundred flights and passengers getting stranded at airports.

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