Why rescue plans for Jet Airways never took off

When lenders of Jet Airways finally decided to refer the cash-strapped airline to the bankruptcy court on Monday, it capped months of intense negotiations during which the airline had come close to being revived on several occasions.

However, revival efforts floundered over the failure of stakeholders to agree on common terms even as the airline ran out of cash before grinding to a halt.

Around August last year, there were telltale signs of financial distress in the airline. In private, the top management had begun telling employees of an impending cash crunch that they said had left the airline with barely enough cash reserves to sustain operations for a few weeks.