No Money, Goyal's Jet Airways to fly last flight at 10:30 tonight

Last Updated: Wed, Apr 17, 2019 20:15 hrs
Naresh Goyal

Mumbai: Naresh Goyal's 27 year old venture, Jet Airways, will soon be operating its last domestic flight at 10:30 PM tonight (Wednesday).

The last flight could be flying from Amritsar to Delhi. That too, if there are funds enough to pay for aviation fuel.

There were talks that international flights could continue till April 18 (Thursday). This, owing to optimism that a meeting between government agencies and lenders could bear some fruit. However, agencies have quoted various anonymous sources saying the operations would be shut from Wednesday (April 17 2019).

"As per the current financial situation, it is not possible to maintain operations without any further funding. Operations will cease from tonight," IANS reported a source as saying.

ANI tweeted a flash saying, "All jet airways flight, domestic and international, cancelled with immediate effect. The last flight will operate today."

So far there is no official confirmation. The news arrives after a crucial meeting between lenders and Jet Management. The Jet folks were reported as failing to secure interim funding of Rs 400 crore. This amount was required to maintain bare operations, meaning pay for aviation fuel, pay airport taxes, and other costs.

Jet Airways of late had been operating five aircrafts and 25 flights. Talks of a complete shut-down were doing the rounds on Tuesday too. However, there was some optimism with investors still believing of a miracle.

Lenders including the State Bank of India had been optimistic of throwing in a lifeboat. Other lenders too chimed in saying they were committed to Jet's revival. There were sympathies for Jet's 20,000 employees who are yet to be paid three month salaries. Former liquor baron Vijay Mallya, too shared his sympathies with Naresh Goyal on Wednesday.

Jet owes its lenders at least Rs 8100 crores. The lenders lead by the State Bank of India, include IDBI Bank, Syndicate Bank, Bank of India, ICICI Bank, Canara Bank, Yes Bank, Indian Overseas Bank, Punjab National bank.

Ironically, it was the month of April [1st April 1992] that Naresh Goyal's Jet Airways was founded. Jet commenced operations on May 5 1993 as a air taxi operator, ferrying 9W321 from Bombay to Ahmedabad.

Jet's last flight could spell a doom for 20,000 employees and customers. Read about that here.

With Agency Inputs