Lenders of stricken Indian airline Jet Airways to decide on emergency cash

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Founded in 1974, Jet Air was a powerful General Sales Agents (GSA) that represented as many as 17 global airlines before it spawned Jet Airways in the 1990s.

The NAG said the members requested that the strike be put off in view of the "critical meeting" planned on Monday with the airline management and the State Bank of India (SBI).

Indian Minister of Civil Aviation Suresh Prabhu on Friday tweeted that the Indian Ministry of Civil Aviation would "review issues related to Jet Airways" and also "take necessary steps to minimize passenger inconvenience and ensure their safety".

"Depending on what the banks decide, the future course of action would be taken", Kharola said. India's ailing Jet Airways has drastically reduced operations amid talks with investors to purchase a controlling stake in the airline and help it reduce its mounting debt.

The only hope for the airline now lies with an immediate dose of interim funding and the completion of the stake sale process initiated by the lenders.

The airline on Thursday operated only about 14 aircraft, down from 26 last week, inviting government scrutiny over Jet's regulatory compliance for worldwide flying.

Jet owns 16 out of these 26 aircraft.

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Jet Airways aircrafts are seen parked at Chhatrapati Shivaji Maharaj International Airport in Mumbai, Monday, April 15, 2019. Jet Airways independent director Rajshree Pathy quit on Saturday, the airline said in an exchange filing.

"We need the infusion of funds today, not after one week when it's too late", said Raman Sharma, a pilot at the protest.

File image of Naresh Goyal. However, some lessors have also withdrawn their de-registration requests.

Any move like refusal or delay in the release the fund on the part of the lenders will totally ground the beleaguered Jet Airways immediately, said the report.

The pilots' union of Jet Airways on Sunday deferred the decision of "no pay no work" from Monday, citing the meeting of the SBI-led lenders' consortium with the airline's management on the same day.

Close of play Friday was the deadline for prospective bidders to express an interest in acquiring a 75 percent stake in Jet, which has debts of some $1 billion.