Jet Airways founder and principal promoter Naresh Goyal is expected to exit the airline's board on Monday as it struggles to cope with its worst financial turbulence in over two decades.

His wife Anita Goyal is also expected to step down from the board. A formal announcement is expected later in the day, sources told ET Now television channel.

Meanwhile, CEO Vinay Dube is expected to continue in his current position in the airline which was set up by the Goyals 25 years ago.

Lenders to take charge

A consortium of lenders is expected to invoke Naresh Goyal's entire 51 per cent stake in the company and start looking for a potential buyer, added the report.

Lead lender State Bank of India's (SBI) managing director and an ex-Jet board member, Srinivasan Vishwanathan, is likely to be invited to take up a top position in the airline.

Vishwanathan was on the airline's board as an Independent Director for three years till August 2018. The report suggested that other members will also be invited to take up top positions in the airline's board.

Meanwhile, Jet's partner Etihad is expected to hold fort for a temporary period but may push for dilution of its 24 per cent stake in the airline in future.

Jet's crisis

Jet Airways has been finding it extremely difficult to meet operational costs and many of its pilots are already ejecting out of the airline to join its competitors.

Many pilots at Jet have come out in the open to share their financial woes after the crisis struck the airline last year.

Ground staff and engineering units of the aircraft are also not happy with over non-payment of salaries. Some of them said they are depressed as they are being forced to borrow money to meet expenses.

To make matters worse, the airline has grounded more than half of its fleet comprising 119 planes.

This has led to cancellation of thousands of flight, causing inconvenience to passengers. A growing outrage has also been witnessed on Twitter as users slammed the airline over delayed refunds.

Will Goyal's exit help airline?

While the airline may get a temporary boost after Goyal's exit, experts argue that the deal could prove to cause further hindrance.

First, there are doubts whether banks would be able to find a suitable buyer for the airline within the next six months-something which is crucial for the airline's recovery.

Second, the fact that banks would broker the deal with the promoter out of the picture, rival companies could pressurise banks to agree to their terms and purchase the airline for a paltry sum.

In a nutshell, banks are required to find a buyer in quick succession to seal a good deal-a longer wait would automatically give an upper hand to the buyer.

The government's request to banks to push equity into Jet Airways may also affect banks negatively, considering the ongoing turmoil in India's banking sector.

Though Jet's stocks, up over 3 per cent at the time of writing this report, may get a temporary boost after banks take over, it would suffer significantly if lenders fail to find a new buyer. This could further dampen the airline's stocks.