Finally, after months of market speculations and developments Jet Airways, founder and Chairman, Naresh Goyal has stepped down from the management board as well as from the post of Chairman. The writing has been on wall from long back and the veteran tired all he could to remain at the helm of airline but the rising debt with continuous grounding of Jet Airways fleet forced him to step down.
Along with Goyal, his wife, Anita Goyal has also resigned from the board. Now, an SBI led lenders consortium will be heading the airline and has constituted an interim management committee for managing its daily operations.
Now, Bidding process to be initiated by Lenders for sale/issue of shares to new investor(s), the process expected to be completed in June quarter.
The stepping down of Goyal has confirmed that the long pending debt resolution plan is now in its final stage. As per resolution plan banks will now own majority stake in Jet Airways and will initially fund the liquidity crunched carrier with ₹1500 crore through various debt instruments keeping its assets as collateral. This will be bringing the carrier back to normalcy and will help it to carry out its flying operation like earlier.
Jet Airways was grappling with its worst financial crises and the carrier was forced to look for bailout plans as it was unable to meet operating cost and was not even able to pay rental for planes to lessor and also defaulted in paying loans and on time salaries to employees.