Former top Indian private airline forced to stop flights as lenders deny it funds to keep going
Signage for Jet Airways India Ltd. is displayed at the airline's headquarters in Mumbai, India, on Monday, April 15, 2019. Picture: DHIRAJ SINGH / BLOOMBERG
“Companies that had submitted initial expressions of interest are not following up with binding bids,” said an informed source. The Indian civil aviation regulator has said that lessors have already requested the return of more than half of Jet’s fleet of about 115 aircraft, with the carrier voluntarily returning some.
“Right now we’re more worried about the bidding deadline,” said a Jet Airways pilot. “We will obviously have to take it to NCLT and [go through] with the proceedings,” he added.“In the last four or five months, payments became highly erratic,” Vispi Patel, an executive at Weizmann Forex, which counts Jet as a client, said.
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