Naresh Goyal, founder and chairman of Jet Airways and his wife Anita Goyal resigned from the company's board Monday.

The resignation followed the airline board's meeting in Mumbai on the day to decide on ways to procure interim funding as well as the future role of Goyal.

With their exit, the prospects of a revival of Jet Airways have brightened up as the lead lender, State Bank of India, along with a consortium of banks will not only infuse more money to bring the company back on its feet but also look for a new investor as long term solution.  

Reports suggest that the lenders have formed an interim management committee to run the day-to-day operations.

After weeks of speculations and uncertainties over the future course of Jet Airways, which has grounded over 80 planes due to financial woes, the airline's board Monday approved a resolution plan formulated by SBI-led domestic lenders.

The cash-strapped airline is under Rs 8200 crore debt from State Bank of India-led consortium of banks and has defaulted on paying back its due because of operational losses. This has led to the grounding of its aircraft and cancellation of flights one after another.

Out of total 119 of its fleet of aircraft, it has grounded over 55 planes till now and it was believed that if it fails to pay another payment of $109 million by March 28 to HSBC Bank Middle East in which Etihad is a guarantor, more grounding of aircraft will take place.

Sources confirmed that SBI had asked Goyal and his wife to resign before it would pump more money into it. Last Saturday, banks and other stakeholders met to decide the rescue plan and there was a consensus on the exit of the Goyal and his wife.

Etihad Airlines, which has 24% stake in Jet, apparently didn’t agree to put in more money to rescue Jet as long as Goyal would run the show. The new development will pave the way for Jet’s revival.

Jet Airways stocks jumped 12 percent on Monday afternoon following reports that Goyal has quit the company's board.

'(With inputs from agencies)