Jet Airways (9W, Mumbai Int'l) has suspended all jet flights and currently operates only seven ATR72-500 turboprops, ch-aviation research has indicated. Meanwhile, the urgently-needed rescue aid from banks is still not confirmed as lenders cannot agree as to the best course of action.

According to Flightradar24 ADS-B data, Jet Airways has not operated any of its jet aircraft since Friday, April 12, 2019. Currently, the carrier only operates short-haul flights from Delhi Int'l using the seven Avions de Transport Régional turboprops. All its international services are formally suspended through April 18.

The carrier's subsidiary JetLite (S2, Delhi Int'l) continues to operate a single jet aircraft, a B737-800 VT-SJI (msn 34399), on routes between Delhi, Mumbai Int'l, and Amritsar.

Jet Airways urgently needs the previously agreed rescue capital injection of at least INR10 billion rupees (USD144 million) to resume operations on a larger scale. However, on April 15, the lenders could not agree to transfer the funds. In March, the lenders had agreed to inject INR15 billion rupees (USD216 million) into the airline but so far only released INR2 billion rupees (USD29 million).

"The interim funding hasn’t been forthcoming thus far," CEO Vinay Dube informed the employees, as quoted by the Economic Times. CNTC TV18 claims that Dube would have been authorised by the board to temporarily suspend all remaining flight operations later on April 16 if no funds arrive.

According to a source within the banking industry, while the main creditors State Bank of India, Bank of India, Canara Bank, and Syndicate Bank are willing to prop up the airline, other banks - such as PNB, ICICI, and Yes Bank - are hesitant to do so. The objecting banks reportedly have asked that founder and ex-Chairman Naresh Goyal pledges more of his shares.

Goyal owns a 51% stake in the airline and has already formally pledged 31.2% to the banks. He also announced that he will pledge a further 9.9% of shares, although this has not been formalised yet. He sought to retain a 9.9% stake for himself going forward.

Facing pressure, Goyal has withdrawn from the bidding process for the airline. He submitted an Expression of Interest (EoI) together with Future Trend Capital and Adi Partners. Other potential investors, including Etihad Airways and TPG Capital, subsequently demanded that Goyal withdraws or else they will walk out of the negotiations. Indigo Partners and Think Equity-Redcliffe Capital are also reportedly bidding for the airline.