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India’s Jet Airways grounds two more planes, takes total to 21


According to the sources, the carrier is "actively engaged" with all its aircraft lessors and the aircraft lessors are lending their support to the company's efforts to raise liquidity (Photo: SAJJAD HUSSAIN/AFP/Getty Images).
According to the sources, the carrier is "actively engaged" with all its aircraft lessors and the aircraft lessors are lending their support to the company's efforts to raise liquidity (Photo: SAJJAD HUSSAIN/AFP/Getty Images).

INDIA’S crisis hit airline, Jet Airways has said today (1) that is has grounded two more planes after it failed to make payments to its lessors, pushing the number of grounded aircraft to 21.

The company’s founder, Naresh Goyal, agreed to quit as chairman of the airline’s board, media reports said yesterday (28).

Earlier this week, Jet said it grounded seven planes following its inability to make payments to its lessors.

According to the sources, the carrier is “actively engaged” with all its aircraft lessors and the aircraft lessors are lending their support to the company’s efforts to raise liquidity.

The airline has defaulted over £850.38 million on loans and hasn’t paid its pilots, leasing firms and other stakeholders for months.

Jet Airways approved a rescue plan in mid-February after months of discussions to plug a funding hole of £906.41m.

The rescue deal was approved by the company’s shareholders and includes selling a majority stake to a consortium of lenders led by the State Bank of India.