A year ago, today, an airline which was once India’s largest private airline suspended operations, and has since looked for a buyer, with nothing materialising so far. The airline announced temporary suspension of services on April 17 last year after it couldn’t raise any more money from its lenders. The last flight S2-3502 took off from Amritsar at around 10.30 pm touched down at Mumbai's Chhatrapati Shivaji International Airport at 12.22 am on April 18.
At the time, Jet had a debt of around Rs 8,500 crore on its books and has total liabilities of nearly Rs 25,000 crore.
Employees and creditors were left hanging and are still waiting for their dues. Payments were pending for months when the beleaguered airline collapsed under the weight of its debts and a cash crunch.
After Jet Airways shuttered with no money to fly last year, thousands of staff came together for public meetings, silent protests and made representations to the government and other authorities. Candlelight marches were also organised in various cities.
Jet Airways, which began its journey as an air taxi operator with service from Mumbai to Ahmedabad, had about 1,300 pilots and a total of about 20,000 employees at its peak. At the peak of its operations, Jet Airways had little over 120 planes. When the operations came to a halt due to mounting debt woes and unpaid salaries, the airline had around 16 own aircraft.
The airlines’ lenders led by State Bank of India, then took over in a bid to find a buyer for the company to make back their dues.
17/04/20 Haripriya Suresh/News Minute
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At the time, Jet had a debt of around Rs 8,500 crore on its books and has total liabilities of nearly Rs 25,000 crore.
Employees and creditors were left hanging and are still waiting for their dues. Payments were pending for months when the beleaguered airline collapsed under the weight of its debts and a cash crunch.
After Jet Airways shuttered with no money to fly last year, thousands of staff came together for public meetings, silent protests and made representations to the government and other authorities. Candlelight marches were also organised in various cities.
Jet Airways, which began its journey as an air taxi operator with service from Mumbai to Ahmedabad, had about 1,300 pilots and a total of about 20,000 employees at its peak. At the peak of its operations, Jet Airways had little over 120 planes. When the operations came to a halt due to mounting debt woes and unpaid salaries, the airline had around 16 own aircraft.
The airlines’ lenders led by State Bank of India, then took over in a bid to find a buyer for the company to make back their dues.
17/04/20 Haripriya Suresh/News Minute
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