Jet flying less than 15 planes\, govt examining eligiblity to operate on international routes

Jet flying less than 15 planes, govt examining eligiblity to operate on international routes

ANI 

Secretary said on Wednesday that debt-laden is currently operating less than 15 planes and its eligibility to fly on international routes needs to be examined.

Kharola's comments came a day after said 15 more aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.

The company, where government-owned lenders have now taken control, said it is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken to improve its liquidity.

The has over one billion dollars in debt. In addition, it has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries to its pilots.On March 25, and his wife holding 51 per cent of the equity resigned from the board and transferred control to the lenders. An interim management committee has been created to manage and monitor daily operations and cash flow.

The banks were to release an immediate debt funding of Rs 1,500 crore for Jet to tide over the current crisis. However, reports say the funds have not been released yet due to technical reasons.

The 25-year-old has been surviving while facing bruising competition from low-cost and fluctuating crude prices.

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First Published: Wed, April 03 2019. 13:45 IST