Jet Airways flew its last flight on 17th April 2019 after the debt-laden airline finally decided to temporarily shut down its services. Jet Airways is India’s oldest private airline which began its operation on 5 May 1993. The beleaguered airline halted its operations after its lenders rejected its plea for emergency funding. On 3rd April 2019, the airline was forced to take down three-fourth of its fleet thereby reducing the count to 20 and later it was decided that the airline will have to shut down its operations if it does not get emergency funds.
Jet Airways was considered to be India’s second largest airline with a tagline ‘Joy of Flying’. There were also speculations that Tata Group and UAE’s Etihad Airlines might take over the ailing airlines but Etihad denied any such reports saying that it is not in a position to sink new equity into Jet Airways.
In a statement the airlines 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.” Hundreds of angry employees protested in New Delhi and Mumbai accusing the airlines of keeping its employees in dark about the financial crisis the airline was going through. Now over 16,000 employees have lost their job and fear about their future after the debt-laden airline descends into crisis.
There were reports of the airlines failing to pay its employees after which Jet Airways came up with an announcement that it had paid salaries to 84% of its employees. There’s still a small percentage of employees who haven’t been paid salaries for close to two months. Jet Airways operated over 120 planes and more than 600 daily flights.
Last month, Prime Minister Narendra Modi has requested state-run banks to rescue Jet Airways without pushing them into a state of bankruptcy, thereby averting the loss of thousands of jobs.
Although Jet Airways has been grounded but investors still have hope that the airline will resume its operations soon.
After 25 Years, India’s oldest private airline shuts down its operations temporarily
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