Jet Airways suspends operations

Jet Airways announced the suspension of its entire operations from April 17, 2019, after lenders refused to provide emergency funds, ending at least temporarily the airline’s run. Weighed down by a mountain of debt and falling revenues, the airline has failed to revive its operations. In another major blow to the airline’s revival plan, the potential bidders have shown no interest so far in following up on their expressions of interest. A total of four bidders – Etihad Airways, TPG Capital, Indigo Partners and the National Investment and Infrastructure Fund – had submitted their bids. However, Etihad Airways, TPG Capital and Indigo Partners have not signed non-disclosure agreements, which is a must for conducting due diligence. Also, the three bidders have not accessed Jet Airways’ accounts and key documents as part of the due diligence process. Meanwhile, the National Aviators Guild, the union of Jet Airways’ pilots, has approached the Supreme Court seeking intervention to rescue the airline.

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