Is this the end? Jet Airways looks into ops suspension

CANCEL Flights stopped by Jet Airways

After over four months of flailing its wings to stay afloat amid a cash-drought, crisis-riddled Jet airways finally threw in the towel Wednesday after its lenders refused to offer an Rs 400-crore lifeline.

Stewardesses from Jet Airways (L) and Etihad Airways listen to a news conference by Naresh Goyal, chairman of Jet Airways and James Hogan, chief executive of Abu Dhabi's Etihad Airways, (both not seen) during a news conference in New Delhi July 23, 2014.

An airline statement said it had grounded flights because: "prolonged and sustained efforts with lenders and authorities did not yield the desired results".

Fugitive businessman Vijay Mallya on Wednesday extended his "sympathies" for debt-ridden Jet Airways and slammed the government for "discriminating" between private airlines and state-owned airlines (read Air India). Sad that so many Airlines have bitten the dust in India.

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In the past few weeks, Jet Airways has been grounding planes as lessors have moved to de-register and take back their aircraft, even though the company's lenders have sought expressions of interest from potential investors in the company.

On March 25, 2019, a consortium of Jet Airways domestic lenders, led by State Bank of India, became the majority shareholders and took a transient control of the airline, until a suitable investor is found. "Just being a PSU is no excuse for discrimination", Mallya tweeted. The same PSU Banks let India's finest airline with the best employees and connectivity fail ruthlessly.

"I have offered to pay back 100 per cent but am being criminally charged instead".

"I am willing to pay either way whether I am in London or in an Indian Jail. Airline Karma?" Mallya tweeted. While the news are yet to be made official, Indian media already reports four companies have been shortlisted: Indigo Partners, National Infrastructure and Investment Fund (NIIF), TPG Capital, Indigo Partners, and Etihad Airways, which now holds 12% stake in the airline. Why do the Banks not take my money? Mallya is facing charges of fraud, money laundering and violation of Foreign Exchange Management Act (FEMA). Indian enforcement agencies have been pressing hard for his extradition from the United Kingdom to India to face fraud and money laundering charges. A first level of that written appeal has already been rejected by the high court, where it will now be considered during a brief hearing to determine any grounds to grant permission for Mallya's appeal to proceed to appeal substantive hearing.

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