Jet Airways (JAI, Mumbai International) is facing imminent grounding unless banks release at least INR4 billion rupees (USD57.7 million) in immediate rescue funding, the Business Today has reported.
A meeting between the airline and its creditors on April 16 ended inconclusively as the banks are divided on whether to release any funds without further collateral. Civil Aviation Secretary Pradeep Singh Kharola confirmed that the airline is now seeking INR4 billion rupees just to survive.
The carrier's active fleet is now down to just five ATR72-500s. Flightradar24 ADS-B data indicates that the only aircraft flying on April 17 are: VT-JCL (msn 791), VT-JCM (msn 793), VT-JCQ (msn 843), VT-JCS (msn 920), and VT-JCV (msn 932). The three former units are owned by Constellation Aircraft Leasing and the latter two by Injet Leasing. A single B737-800 operated by subsidiary JetLite (Delhi International), VT-SJI (msn 34399) also remains active.
The National Aviator's Guild, a pilot labour union, has also warned that it might file for the carrier's bankruptcy in court. A large number of the carrier's staff has not been paid since January 2019.
"in view of the critical liquidity position of the Company, its operations have been severely impacted. Meanwhile, the Company is awaiting emergency liquidity support from the consortium of the domestic lenders led by State Bank of India," the airline said in a stock market filing on April 16, without directly addressing the rumours about its imminent grounding.
Reuters has reported that lessors asked the Directorate General of Civil Aviation (DGCA) to de-register a further four B737-800s. In total, lessors are currently seeking to de-register around fifty aircraft operated by Jet Airways. All of these aircraft are presently grounded.
