View: PSU banks at least acted faster for Jet than they did for Kingfisher
Last August I wrote a column in this paper called, ‘Mayday! Time to stop Jet from going the KingfisherNSE -11.11 % way.’ At that time Jet was still seen as invincible, a proud Indian brand from the 1990s whose growth symbolised the growth of liberalised India.
Despite warnings from several people, Jet stakeholders (bankers, shareholders, suppliers, lease providers, top management) twiddled their thumbs while the airline kept running its loss making operations like earlier, burning cash at over Rs 15 crore a day. Things worsened, and the company literally ran out of cash. Leased planes were repossessed, salaries remained unpaid and there was no money to buy fuel.
