Jet Airways (JAI, Mumbai International) founder, Chairman, and 51% shareholder Naresh Goyal has reportedly agreed to step down from his functions at the airline he launched 25 years ago, clearing the major obstacle towards any rescue plan, The Economic Times has reported.

According to unnamed sources, Goyal and his wife Anita are due to announce their resignations on March 25.

Naresh Goyal will also divest from his entire stake in the embattled carrier. In the absence of any external investors, the consortium of lenders led by the State Bank of India (SBI) is expected to take over the 51% stake currently owned by the airline's founder.

Goyal previously agreed to have his stake diluted to 17% in an earlier plan but refused to have his stakeholding capped at this level going forward. Both the banks and Etihad Airways, Jet Airways' 24% owner, insisted on Goyal's ousting from executive functions. The discussion over his future role was the major roadblock in the negotiations with creditors and investors.

After Goyal's stepping-down, the SBI is likely to appoint its own representatives to the carrier's board, although CEO Vinay Dube is expected to retain his position.

As Etihad Airways has practically withdrawn from the airline and decided against any further capital injections, the SBI-led consortium is now trying to find other investors willing to rescue Jet Airways. It has approached Tata Group, who already controls 51% stakes in both full-service Vistara (a joint venture with Singapore Airlines Group) and low-cost AirAsia India (a joint venture with AirAsia Group).

Etihad is also willing to sell its stake at a loss to the SBI-led consortium. If that happens, the banks will control as much as 75% of shares in Jet Airways.

The situation wherein banks would assume a majority stake in the airline is planned as an interim solution until a new external investor is found. According to Business Today, the consortium assumes this may take two to three months.

An earlier version of the rescue plan estimates Jet Airways' immediate capital needs at INR85 billion rupees (USD1.2 billion).