India's Jet Airways to suspend operations after banks reject funding request

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"With our air reward offering, "Select Flights", members have the choice to redeem their JPMiles to fly free across more airlines, any destinations, any flights and any seats in India and globally, starting with the same JPMiles requirement as before which was applicable on Jet Airways and its partner airlines", it said.

India's debt-stricken Jet Airways grounded all of its operations today after failing to secure emergency funding from lenders, the carrier said in a statement.

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. Among the other things discussed were the steadily increasing fares on other airlines and flight cancellations with Jet Airways steadily reducing its operations.

Jet Airways said that it has informed the Directorate General of Civil Aviation, and the Ministries of Civil Aviation and Finance and other relevant government institutions, of this course of action.

"Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going". "The airline will inform all guests about the temporary suspension of flight operations via text message or email to the contact details listed in their bookings".

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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. The bid documents inter alia has solicited plans for a quick revival of the company.

Jet Airways, decidedly one of India's biggest aviation brands, first started operating on May 5, 1993, with their maiden flight 9W321 plying between Mumbai and Ahmedabad.

A consortium led by the State Bank of India is in active talks with several parties regarding a sale of up to 75% of Jet Airways' stake.

The airline, which has a huge debt pile on its books, is in the midst of a stake sale process with bids being scrutinised for the final round.

I invested hugely into Kingfisher which rapidly grew to become India's largest and most awarded airline. "It will help them to save Jet Airways if nothing else", the liquor baron said.

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