Troubled airline Jet Airways on Tuesday announced that it had grounded another 15 planes, bringing the number of aircraft still in operations down to 29.
The grounding of more planes can only mean one thing: the lenders have not kept up with their funding commitments under the amended resolution plan that was agreed earlier last month.
Under the plan, the banks received 11.4 crore shares for a one rupee reduction in the airline’s outstanding debt of Rs 7,650 crore and airline founder Naresh Goyal stepped down from his position as chairman.
The banks were supposed to pump in Rs 1,500 crore against the security of additional assets of the airline.
