Official sources in the Finance Ministry said that banks have informed the ministry that they were not ready to wait endlessly to restore health of the beleaguered airline and if attempts to bring in a strategic investor fails or is not completed by June 30, lenders may immediately initiate bankruptcy proceedings against Jet.
Indian Oil Corporation (IOC) resumed aviation fuel supply to Jet Airways after airline assured of payment on Friday.
Indian Oil Corporation (IOC) stopped fuel supply to the struggling carrier Jet Airways for non-payment on Friday.
The expressions of interest for selling stake in the ailing airline would be invited on April 6 and the last date for submission of bids would be April 9, a statement issued by the SBI on behalf of 26 lenders said.
The crisis-hit carrier is set to undergo a debt resolution whereby lenders will take control and also infuse funds worth Rs 1,500 crore.
On the BSE, the stock closed at Rs 251.10, shedding 5.21 per cent from the previous close. Intra-day, it had slumped 6.37 per cent to Rs 248.
A major crisis at the struggling carrier Jet Airways was averted on Sunday after its pilots body National Aviator's Guild (NAG) deferred to April 15 its call of halting operations.
Last week, SBI-led consortium of lenders became the owner of Jet Airways after its founder-chairman Naresh Goyal along with his wife Anita stepped down from the board under a debt-rejig plan.
For last few weeks, the full-service carrier has been grounding its aircraft in tranches due to non-payment of dues to lessors, bringing down its operational fleet from 103 to just 35.
Mallya had last month filed his application in the UK High Court, seeking permission to appeal against an extradition order signed by the British Home Secretary.
"For the sake of my family of 22,000 employees and their respective families, I have today taken the step of stepping down from the board of Jet Airways," he said in a statement issued by the airline.
The stock jumped 12.69 per cent to close at Rs 254.50 on the BSE. During the day, it rose sharply by 17.77 per cent to Rs 266.
The news of Goyals' departure from Jet Airways has had a favorable response in the share market. In afternoon trade, shares of Jet Airways rose nearly 15 per cent to Rs 261 on the BSE.
Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till end-April, besides scaling down frequencies on seven other overseas routes, mostly from Delhi and Mumbai, according to airline sources.
The harried pilots of Jet Airways, which is on the brink of shuttering operations, have now approached SpiceJet seeking employment.
More than 200 pilots marched to Jet Airways' headquarters here after the meeting, which was held at a nearby hotel.
The Jet Airways' Aircraft Maintenance Engineers' Union wrote to the aviation regulator on Tuesday morning that three months' salary was overdue to them and flight safety is at risk.
The airline's aircraft maintenance engineers' union wrote to the aviation regulator on Tuesday that three months of salary was overdue to them and flight safety "is at risk".
Earlier this month, Jet Airways Chairman Naresh Goyal said that more than 50 of its aircraft were not operating.
With regular grounding of aircraft, sources said close to 50 per cent of airline's fleet is not operational. Analysts said the situation is fast moving on the path taken by now defunct Kingfisher Airline.
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