Jet Airways grounded

Jet Airways which started operations 25 years ago is currently compelled to cancel all its international and domestic flights, and is grounded for an in indefinite period of time due to its serious financial crisis. The airline operated its last flight on Wednesday, April 17 which took off from Amritsar at 22:30 hours and headed for Delhi. The airline was cancelling and grounding several aircrafts for the past few days since it was not being able to pay the lease rentals and other costs for the services. Jet was only flying five of its turboprop planes since all the payments for Boeing 737 planes were due. Jet Airways in a statement said, “Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going. Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights. This has been a very difficult decision but without interim funding, the airline is simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of its guests, employees, partners and service providers”. The airline previously when it was in pristine order, used to operate more than 120 planes and 600 flights daily. The airline currently owes a hefty amount of Rs 8,000 crore to nine banks and aircraft leasing firms.