Jet Airways was able to fly only five aircraft on Tuesday. (File)
Jet Airways today decided to temporarily suspend all operations, according to news agency Reuters. The move comes after lenders rejected its request for additional funds.
The airline was able to fly only five aircraft on Tuesday, the bare minimum required according to the rules of the Directorate General of Civil Aviation and conditions of the Air Operating Permit (AOP), the document that permits a commercial airline to operate across the country.
Here are the LIVE updates on Jet Airways crisis:
Apr 17, 201918:28 (IST)The airline had already suspended its international operations till April 18 and it was operating only five planes, reported news agency Press Trust of India on Tuesday quoting Civil Aviation Secretary Pradeep Singh Kharola.Apr 17, 201918:22 (IST) "Bankers did not want to go for a piecemeal approach which would keep the carrier flying for a few days and then again risk having Jet come back for more interim funding," one of the bank sources directly involved in Jet's debt resolution process tells news agency Reuters.Apr 17, 201918:21 (IST) Two sources at state-run banks tell news agency Reuters that the lenders had rejected the Rs 4 billion ($58 million) that Jet Airways had sought to keep itself temporarily afloat, while its lenders attempted to identify an investor willing to acquire a majority stake in the airline and attempt to turn it around.No more contentSource Article