Jet Airways to receive immediate funding of Rs 1,500 crore from lenders

Jet Airways to receive immediate funding of up to Rs 1,500 crore from lenders after its chairman Naresh Goyal and his wife will step down from the airline's board on Monday. Lenders to nominate two members to Jet Airways board, interim management committee to be constituted to manage airline's daily operations.

Sources: Jet Airways Chairman Naresh Goyal and his wife Anita Goyal step down from Jet Airways Board due to financial crisis; bank-led board to run the airlines. pic.twitter.com/f3NVDOhFNs

— ANI (@ANI) March 25, 2019

Jet Airways has grounded as many as 54 aircraft as it battles financial woes and heavy debts. The airline has also reduced frequencies on seven other overseas routes. Saddled with the debt of more than $1 billion, Jet owes money to banks, suppliers, pilots and lessors - several of whom have started terminating leases with the carrier.

The reports of Goyal's departure led to a rally in Jet's shares of more than 12 per cent.