Jet Airways founder Naresh Goyal may step down as chairman today

Jet Airways mid-air horror Jet Airways DGCA Directorate General of Civil Aviation support mumbai Jet Airways horror

While Jet stocks zoomed after Goyal's exit, banks now have a huge challenge to infuse funds to the ailing airline and also to find a new buyer for it within the next few months. It will re-deploy several of its grounded aircraft and renew numerous routes it had temporarily suspended.

Saddled with debt of more than $1 billion, Jet has been on the brink of collapse, and had to ground flights as it struggled pay lenders, suppliers, pilots and leasing companies.

The lenders, led by the State Bank of India (SBI), would become majority shareholders in the airline.

"Immediate Funding support of upto Rs 1500 crore by Lenders by way of issue of appropriate debt instrument against security of its assets which will restore normalcy to Company's level of operations", the company said.

Bidding process to be initiated by lenders for sale to new investor (s), the process expected to be completed in June quarter as per the resolution plan. "There will be expression of interest which will be given by April 9 and binding bid by April 30", SBI Chairman Rajnish Kumar told CNBC TV18. Most companies in Jet's financial condition would have been placed by creditors into India's new bankruptcy process.

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The board has also approved issue of 11.4 crore equity shares to the Airline's lenders upon debt to equity conversion of Re 1/ of the outstanding debt. That means the airline still needs to service all of its existing loans.

Naresh Goyal will also cease to be the chairman of the airline.

But competition from low-priced carriers, such as IndiGo and SpiceJet Ltd, together with high oil prices, hefty fuel taxes and a weak rupee piled on the pressure in recent months.

"Today is indeed a sad day for Indian aviation", said Ajay Singh, chairman and managing director at rival SpiceJet, adding that Goyal and Anita made India proud by launching a "world class" airline. This has all been possible because of the tireless, unrelenting efforts of each and every one of you, tight-knit members of our Jet Airways family, setting guest-service benchmarks to the envy of our competitors, helping us collectively realise our dream of our Jet Airways emerging as a global gold standard of warm Indian hospitality", Goyal says, adding "Looking back I would not want to change a thing.

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