The future of Jet Airways operations will depend on the outcome of the meeting which will take place on Monday between the management of the airline and its lenders, several people aware of the development said.
The crisis-hit Jet Airways has a lot riding on the outcome of the stake sale with its operational crisis continuing to spiral out of control. On Thursday the airline announced that it is permanently scrapping its service between Amsterdam and Toronto. Twenty-three flights from Delhi have also been cancelled. Due to the reduced number of flights, crew will be assigned five-day work and three-day off pattern from April 11-26.
The west-bound flights were scheduled to start again from Friday afternoon but services to Asian countries were expected to remain suspended on Friday, the spokesman added.
Almost 30 flights from Mumbai to Delhi, Bengaluru, Hyderabad and Chennai have also been cancelled on April 12 and 13. Over 30 flights flying out of Bengaluru on April 12 and 13 have been cancelled. And flights from Bengaluru and Mumbai are canceled on Saturday.
They also reported remarks by government officials saying Jet Airways only had funds to operate six to seven aircraft over the weekend. It told the Bombay Stock Exchange Thursday that it had grounded 10 more planes due to unpaid dues.
Passengers who booked Jet Airways services on Virgin Atlantic and have yet to begin travelling can get a full refund.
As of Thursday the airline operated just 14 planes- way down from 123 planes in operations at the peak.
He said that Jet Airways had a meeting with the bankers on Friday "wherein they put forth their demand" regarding interim funding. But a little over 10 years ago, budget airlines started offering very low fairs on numerous same routes. The airline has slowly lost its market share since its heyday in the early 1990s and now finds itself $1 billion in debt.
Exactly what will happen to passengers whose flights to and from India were scrapped is not yet clear.
India's Jet Airways extended a suspension of all of its global flights until Monday, the latest blow to the debt-stricken carrier as it battles to stay afloat. According to global rules, an airline needs to have a minimum of 20 aircraft to be eligible to operate worldwide flights.