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Naresh Goyal pulls out of race for Jet Airways

Naresh Goyal pulls out of race for Jet Airways

On Monday, Jet Airways CEO Vinay Dube said the lenders could not decide on the emergency funding and that the airline's board would meet on Tuesday to take a call on the future.

The management of India's Jet Airways has proposed to suspend all operations of the debt-laden airline at its board meeting, ET Now reported on Tuesday quoting sources.

The newspaper said the airline, which once boasted more than 120 aircraft, was operating six 70-seater ATR turboprops and a single Boeing 737.

Jet will be the seventh airline to go down since May 2014 and the 13th one after East West was shuttered. With lenders to Jet, unwilling to pump in the promised Rs.1500 cr., which they had said that they would do; the airline is now heading to an imminent closure.

"Lenders are committed to a revival plan for Jet Airways", Punjab National Bank's Managing Director Sunil Mehta told media on Tuesday.

Etihad Airways and TPG Capital did not want Goyal as part of any rescue deal, the Economic Times said.

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The filing was made in response to a clarification sought by the exchange regarding reports that the airline was likely to temporarily shut down its operations.

Ltd teetered on the brink of collapse as lenders to the cash-strapped airline, once the country's largest outside government control, weighed interim funding to keep at least some of its planes operational.

It sent a letter to staff saying that it had extended the cancellation of worldwide operations until Thursday and would update the airline's board Tuesday.

The development assumes significance as the airline has nearly run out of funds to pay for fuel and other operational expenses.

"The airline has failed to garner the funds it was desperately looking for to continue operations", he said.

It has folded up most operations due to grounding of over 80 per cent of its fleet by lessors. Jet has no funds to pay for its operational costs and has suspended all global flights and has a mere 7 planes are now flying out of its earlier fleet of 119.