Flying its finale flight..! Jet Airways cease air operations amid SBI’s refusal to emergency funding

Mumbai, April 18: After successfully posting its services for over 26 years, Jet Airways served its last flight on 17th of April amid a cash drought, crisis-riddled, with its lenders refusing to back the concern. With this dejected decision, the employment of around more than 22,000 individuals seems to be a canvass.

 

The SBI on Wednesday informed its refusal on behalf of the consortium to offer Rs 400 crores of an emergency lifeline. “With immediate effect, we are compelled to cancel all our international and domestic flights,” read a statement by the airline. The officials in relation have also expressed deep concerns over refunding the fare amounts of consumers.

 

“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 and has decided to go ahead with temporary suspension of operations,” the airline added.

The last flight in operation was Amritsar-Mumbai-Delhi at 10:30 pm yesterday. However the officials have confirmed this suspension to be a temporary one and said that the air operations will soon be in place once they get buyer backing the airlines.

 

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. When the Indian government first cleared the decks for the entry of private players in the aviation industry, founder Chairman Naresh Goyal was the first to grab the opportunity.

 

Ever since then, the airline steadily built its foundations on the principle of customer focus and service. At its peak, Jet operated over 120 planes and well over 600 daily flights. In recent weeks, the airline has been forced to cancel hundreds of flights and to halt all flights to overseas destinations.

 

The crisis at Jet, which owes vast sums to suppliers, pilots lessors and oil companies, has deepened in recent weeks as its lessors have scrambled to de-register and take back planes, in a sign the bailout plan had failed to assuage their concerns.