The money is expected to be disbursed by the lenders consortium led by SBI after the Jet management submits an operational plan on how it intends to use the money till May 7.
The company management remained tight-lipped about the resignations, but indicated there was nothing unusual in these movements.
Over 70 per cent of Jet's fleet has been grounded, leading to massive cancellations.
Lenders say settlements will cross over 100 accounts in the March quarter.
The airline informed the ministry that it would operate 75 planes by April-end.
Of 1,400 pilots the airline has, 200 have quit in the past few months because of salary delays.
Bankers said the SC verdict might prolong the resolution process and force lenders to bring back cases to the drawing board.
'There will be no flying unless the company pays us substantial salaries and provides a road map,' the National Aviators Guild, the pilots union, said in a message to its members.
Jet has pulled out flights from Northeast states and also cancelled its Srinagar flight, leading to reduction in capacity.
Before the MCC came into effect, Modi was busy laying stones, cutting ribbons, and unveiling plaques across the country.
The first tranche of $31 million was due on March 11, while the second instalment of $109 million was due on March 28.
The deal will give India's largest conglomerate indirect stakes in seven airports in India and abroad.
Jet's operating fleet reduced from 103 planes in October 2018 to 35 now, leading to massive cancellations and a surge in airfares
Bids to be evaluated according to guidelines by the civil aviation ministry, following which a buyer will be selected. Transfer of control to the buyer to be effected by June-end.
While the airline is accommodating passengers on available flights, this is resulting in extending travel time and detour for customers.
Jet has proactively undertaken certain operational adjustments to its flight schedule, keeping in mind the likely, yet interim non-availability of some aircraft in its fleet in the foreseeable future.
Schuldschein is an alternative way to raise funds instead of loans or bonds and deals can run from $12 million to more than $1.13 billion. These instruments include tranches of different maturities and currencies and investors are spread across the world.
Demand for the earlier variant 737NG planes is also expected to pick up due to the grounding of MAX planes.
The voting rights with the promoter will ensure the interests of the promoter family as well as minority shareholders are protected in future, said corporate governance advocates and corporate lawyers.
SpiceJet had bet its fortunes heavily on the new version of the 737 of which it has 13 planes in its fleet and another 193 aircraft on order
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