Debt-strapped Jet Airways on Thursday said it was not in a position to consider and approve the audited financial result for the year ended March 31 due to the ongoing debt resolution process undertaken by its lenders.
The airline temporarily shut operations on April 17 due to an acute cash crunch. Since then, most of the top leadership has quit the company. A number of directors have also quit in the past two months.
“This is to inform that, in view of the ongoing bidding process undertaken by the domestic lenders for change in management of the company, coupled with resignation by members of the board of directors, its key managerial personnel and other employees across functions, the company is not in position to consider and approve the audited financial result for the year ended March 31, 2019,” the airline said in a stock exchange filing.
