Jet Airways to suspend operations from Wednesday midnight

Jet Airways to suspend operations from Wednesday midnight

Air India's load factor is estimated to go up by 10 per centNational carrier Air India is all set to gain as Jet Airways global flights continues to be non-operational. "With immediate effect, we are compelled to cancel all our worldwide and domestic flights".

In a series of tweets, Mallya said that the collapse of Jet Airways and his Kingfisher Airlines (which is now defunct) is largely due to the policies of the government.

In a press release, the airline added that lenders had said, "The Expressions of Interest (EOI) have been received and bid documents have been issued to the eligible recipients today".

Without the funding, the airline would not be able to pay for fuel or other critical services to keep operations going. Consequently, the 9W-2502 Amritsar-Bombay-Delhi will be the last Jet Airways flight, said media reports. Goyal founded Jet Airways in 1992 and saw it soar to become India's largest airline.

The airline will wait for the bidding process being conducted by a State Bank of India-led consortium of banks to conclude before it takes a decision on the future of the airline, Jet Airways said in a statement.

The airline had written to the Prime Minister's Office, the Finance Ministry as well as the Ministry of Civil Aviation on Tuesday informing them that if an emergency fund of ₹400 crore was not released by banks it would not be in a position to refund passengers for cancellations.

"Unfortunately, despite its very best efforts, the airline has been left with no other choice today but to go ahead with a temporary suspension of flight operations", the statement reads.

There has been a backlash on social media about Jet Airways' financial problems.

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The consortium took control of Jet in March, pledging to give $218m in "immediate funding support" as part of a debt resolution plan.

At its peak, Jet operated over 120 planes and well over 600 daily flights.

If Jet fails to attract a buyer and collapses that would put thousands of Jet's employees out of jobs, many of whom have been unpaid for weeks or months, and affect thousands of others whose jobs are tied to the fortunes of the airline.

The airline, once India's largest private carrier, has been forced in recent weeks to cancel hundreds of flights and to halt all flights to overseas destinations.

Jet said it will now await a bid finalisation process that will include on May 10, 2019, which it hopes will lead "to a viable solution for the company".

"For example, we don't have an answer today to the very important question of what happens to the employees during the sale process", he said.

India's aviation regulator said on its website on Wednesday that lessors had applied to de-register another four Boeing Co 737 planes.

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