Jet Airways founder Naresh Goyal to quit as chairman today

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The lenders, led by the State Bank of India (SBI), would become majority shareholders in the airline. According to a Mint report, the board of Etihad Airways will meet on 31 March to take a final decision on whether the Abu Dhabi-based carrier should make a fresh investment in Jet or exit its stake in the ailing airline. Besides, the lenders would nominate two members on the airline's board.

The lenders will also constitute and interim management committee, which will manage and monitor the daily operations and cashflow of the company.

"Immediate Funding support of up to Rs 1,500 crore by lenders by way of issue of appropriate debt instrument against security of its assets which will restore normalcy to Company's level of operations", it said.

Jet's moneylenders consortium may invoke the complete 51 per cent stake of Naresh Goyal within the airline, and begin searching for a new buyer within the coming weeks. Jet's shares rose nearly 13% following the news of Goyal's exit. It has also delayed payments to banks, suppliers, employees and aircraft lessors. "No body is barred from bidding or taking over the airline as per the rule", he said.

Joint venture partner Eithad's stake will be brought down to 12 percent from 25 percent and Naresh Goyal will now hold 25 percent, Kumar said.

With just six days left to the end of this financial year, lenders were in a rush to seal a resolution plan. Shares of Jet Airways had jumped over 15% on the National Stock Exchange after the news reports, and closed the day at Rs 261 per share.

The airline is also on the verge of losing hundreds of pilots who are on the lookout for new opportunities after Jet failed to pay their salaries since December.

A man speaks on the phone outside the Jet Airways headquarters in Mumbai, India, March 25, 2019.

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