23
Thursday
May 2019
1:30 PM IST
News Headlines
Host of match-winners and Dhoni's expertise make India favourites: Mithali        Virat alone can't win World Cup, others will need to step up: Tendulkar        ILFS crisis: ED conducts fresh raids in Mumbai        Protesters clash with Indonesian police after election loss        Indian-American judge orders Trump accounting firm to hand over records to Congress        ISRO successfully launches earth observation satellite RISAT-2B        Cong slams Modi govt over 'pro-Pak policy'        Two militants killed in encounter in Kulgam        Hockey India names women's team for U-21 tournament        No breathing space, pressure will be from first second in this World Cup: Kohli        Tata Motors shares fall 7 pc post quarterly results        Indices off record highs; Sensex trips 383 pts on profit-booking        Australia govt says it won't break election tax pledge        Indonesia's Joko Widodo wins second term as president        Anil Ambani to withdraw defamation suits against Cong, Herald        Arunachal MLA, ten others gunned down by militants        BJP slams Oppn for questioning credibility of EVMs, asks it to accept defeat with grace        Oppn leaders meet EC officials, demand verification of VVPAT slips before counting of votes        Hyundai Archery World Cup final to be held in Russia        Mohammad Amir, Wahab Riaz named in Pakistan''s World Cup squad        
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Business News
Jet Airways grounds ops temporarily; Secy calls urgent meeting
 
Mumbai/New Delhi: Cash-strapped airline Jet Airways on Wednesday announced temporary suspension of its flight operations after the SBI and other lenders showed inability in releasing the immediate funds to the carrier. The airline has informed the Civil Aviation Ministry about the suspension of the operations and the aviation regulator DGCA is monitoring the situation.

Meanwhile, Civil Aviation Secretary Pradeep Singh Kharola called a meeting with airlines and airports staff to address any emerging issue on capacity, slots and passenger convinence. The Jet Airways said they are compelled to cancel all its international and domestic flights. The last flight will operate today, the airline said in a statement. It said late last night, the Jet Airways was informed by the State Bank of India, on behalf of the consortium of Indian lenders, that they are unable to consider its request for critical interim funding.

''''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,'''' it said. The Jet Airways has also informed the DGCA and the Ministries of Civil Aviation and Finance and other relevant government institutions, of this course of action.

The debt-ridden carrier will now await the bid finalisation process by SBI-led consortium by May 10. Meanwhile, the Civial Aviation Ministry said the Jet Airlines has informed it about temporarily ceasing operations. ?Jet Airways has informed MoCA that it is temporarily ceasing operations. The bank-led resolution process is still underway and expected to end by May 10. During this time, MoCA will support the resolution process within the existing legal and regulatory framework,? the Ministry tweeted.

The Ministry said DGCA and other regulators are monitoring the situation carefully to ensure that all existing rules regarding refunds, cancellations, and alternate bookings are followed strictly and any passenger complaints or issues should be promptly reported to the Air Sewa portal or mobile app. Mr Kharola has also convened a meeting with airports in the first half and airlines in the second half of April 18 to coordinate and address any emerging issues on capacity, slots and passenger convenience.

The Jet Airways has been facing a mounting debt of more than Rs 8,000 crore. On March 25, the airline''s Board Meet has decided to infuse a capital of Rs 1500 crore immediately to put the carrier on the road map of recovery. Yesterday, in the Board meeting of airline with the lenders, the SBI-led consortium refused to release capital liquidity in the airline.


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KERALA NEWS
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INTERNATIONAL NEWS
Protesters clash with Indonesian police after election loss
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Indian-American judge orders Trump accounting firm to hand over records to Congress
Australia govt says it won't break election tax pledge
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NATIONAL NEWS
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