Jet Airways founder Naresh Goyal steps down amid crisis

Jet Airways chief Naresh Goyal

The board decisions come as the full-service airline struggles to repay its debt of almost Rs 8,000 crore to banks led by State Bank of India. Afterwards one of the two Etihad nominees will exit the Jet board, the ET report said. His wife Anita Goyal also stepped down from the board of the company.

According to industry estimates, Jet's total debt stood at Rs 8,000 crore.

Lenders to form an interim management committee to manage and monitor the daily operations and cash flows.

Saddled with debt of more than US$1 billion, Jet owes money to banks, suppliers, pilots and lessors - several of whom have started terminating leases with the carrier.




After weeks of uncertainty over the future of ailing Jet Airways, the airline's board has approved an immediate fund infusion of up to Rs 1,500 crore by lenders as well as conversion of debt into equity.

He had headed the national carrier from August 2017 to September 2017 before being moved to the Railway Board as the chairman, from where he retired in December 2018. Due to the non-payment of dues, a majority of the airlines business were grounded and it eventually prompted the chairman to step down.

Even as news of Goyal's departure led to a rally in Jet's shares, which ended the day 12.4 percent higher, analysts say there is still a long road ahead.

Abu Dhabi's Eithad Airways, which owns a 24 per cent stake in Jet Airways, is however reticent to provide interim funding of about 7 billion rupees (USD 99 million) to Jet Airways, the source said. Almost 23,000 of Jet's staff including pilots have been unpaid for over two months. But, if you get a cancellation message with more than three days left for the flight, Jet Airways has opened up a separate website to get you accommodated on another flight if possible.

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