Even as lenders have kick-started the process of selecting a bidder for Jet Airways, the carrier is reporting a daily loss of more than Rs. 20 crore with sharp erosion in cash flows, company officials said.
While Jet’s promoter Naresh Goyal has stepped down in deference to the wishes of the lenders, its strategic partner Etihad Airways is unwilling to take charge.
To add to its woes, the lenders have declined to disburse the much-needed Rs. 1,500 crore loan. Jet Airways, once one of India’s top airlines, is possibly heading towards oblivion as cash taps dry up, said the officials. The over six-month delay in the execution of the rescue plan had made the situation only difficult, they added.