There is no immediate benefit for shareholders from the Etihad deal.
The summer schedule of flights of all other domestic airlines such as Vistara, IndiGo, Air India and GoAir have been approved till October 26.
Amid controversy over the Jet Airways-Etihad deal, the Prime Minister's Office on Tuesday said the stake sale matter was still under examination and the issues raised have been referred to various concerned ministries.
The Union Cabinet on Thursday cleared the Rs 2,058 crore (Rs 20.58 billion) stake sale deal between Jet Airways and Abu Dhabi carrier Etihad.
Jet Airways pilots have warned the management of agitation if the airline fails to offer a concrete plan on payment of arrears amounting to Rs 100 crore (Rs 1 billion) by August 20.
Emirates and Etihad Airways have over the past year continued to lobby India to allow them more flight slots, which won't be possible until the 2007 pact is revised.
The Naresh Goyal-promoted private airline, in which UAE national carrier Etihad holds 24 per cent stake, is facing acute cash crunch after posting two back-to back quarterly losses this year.
The Indian government allowed foreign airlines to buy up to 49 per cent stakes in Indian carriers in September 2012.
The process of getting a new promoter on board is likely to take another two to three months and once that happens, the banks would offload their stakes.
Jet has come under regulatory scrutiny twice this year.
Etihad will be able to carve out a strong niche in the Indian market.
SBI chairman Rajnish Kumar said Naresh Goyal would be eligible to bid for the airline when the lenders auction it next month.
Jet Airways' loss widened for FY15 on higher cost.
Jet will require short-haul Boeing 737s to feed the traffic to Abu Dhabi, Etihad's home base and hub.
The long-pending Jet-Etihad deal envisaging foreign investment of Rs 2,058 crore will come up before Foreign Investment Promotion Board (FIPB) for approval on July 29.
Abu Dhabi-based Etihad Airlines has agreed to halve the number of directors on the Jet Airways Board to two posts under the Rs 2,058 crore deal, giving the Indian promoters 'effective control' of the carrier.
As its promoters finalise a stake sale deal with Gulf carrier Etihad, labour unrest seems to be brewing in Jet Airways with its engineers wearing black bands to protest an alleged move to freeze salary hikes and the pilots deciding to meet on the same issue shortly.
Shares of Jet Airways on Friday tanked nearly 6 per cent, eroding Rs 282 crore from its market capitalisation amid investor concerns whether its stake-sale deal with the Abu-Dhabi based carrier Etihad would materialise.
A source said that the lenders have proposed to change the management of the beleaguered air carrier as they feel it is not possible to run the company with present management.
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The open offer for minority shareholders would need to be made even if the 'control' has been acquired without crossing the threshold shareholding limit (25 per cent), Sebi Chairman U K Sinha said.
Jet Airways on Thursday said it would introduce more flights on both its domestic and international networks.
A mix of financial and strategic mistakes combined with poor expectations of the management are the reasons for the downfall of Indian airlines. For Jet, the deathly potion was even more toxic on account of the bitter squabbles between promoter Naresh Goyal and strategic partner Etihad Airways.
It is clear that foreign airlines have realised the growth possibilities of the Indian aviation sector and are keenly interested, the minister said.
Taking on competition from no-frill carriers, Jet Airways on Saturday launched a week-long sale of seven lakh low-fare domestic air tickets to attract air travellers who could use them to fly from August 10 onwards.
Minority investors of SpiceJet might be feeling cold-shouldered.
An overriding ambition to rule the domestic skies prevented Jet Airways from becoming a strong and formidable player in the international market. The Sahara buy added to the complexity of its operations and a dilution of what the airline stood for, says Anjuli Bhargava.
Jet Airways expects to return to profit in the next 18 months, following implementation of a new route network and fleet strategy and cost optimisation measures.
Naresh Goyal becomes the country's first airline promoter to receive foreign investment.
Eight FDI proposals worth Rs 1,311.54 crore (Rs 13.11 billion), including that of Norwegian telecom firm Telenor, have been cleared by the government on the basis of FIPB approvals.
Paving way for closure of long-pending Jet-Etihad deal, fair trade regulator CCI on Tuesday approved the proposed acquisition of 24 per cent stake in the Naresh Goyal-led Indian carrier by Abu Dhabi-based airline.
Though public shareholding in Jet is already down to the mandated 25 per cent, the regulator wants its promoters to pare their stake further.
Will build on its existing strengths. Plans to include more fuel-efficient A-320 N and offer better connectivity.
The deal, involving Abu Dhabi carrier Etihad's purchase of 24 per cent stake in Naresh Goyal-led Jet Airways, was approved last month by the Competition Commission of India.
Jet Airways in which Abu Dhabi's Etihad is buying a stake, reported its worst quarterly loss on record as carriers in Asia's third-biggest economy battle high fuel costs and taxes.
Financial creditors shall submit their claims with proof by electronic means only, resolution professional Ashish Chhawchharia of Grant Thornton said in a public notice.
Air India (AI)'s rise could be at the expense of three "super-connector" hubs - Doha in Qatar, and Dubai and Abu Dhabi in the UAE - as the Indian passenger would any day prefer direct flights of their national airline that is providing excellent on-time service, Arved von zur Muehlen, chief commercial officer of Saudia Airlines, said on Thursday.
According to the revised plan, promoter Naresh Goyal, his wife Anita Goyal and the directors nominated by the promoter would be asked to step down from the board, and the lenders, as part of the resolution process, will infuse around Rs 1,200 crore into the airline as emergency funding.
Shares of Jet Airways on Wednesday tanked over 10 per cent in the morning trade as the airline has posted its highest-ever annual loss of Rs 4,129 crore (Rs 41.29 billion).
The Bharatiya Janata Party on Wednesday demanded that the government order a CBI inquiry monitored by the Supreme Court to find out the manner in which the Jet-Etihad deal was carried out in "half-cooked" and "objectionable" manner.
The spokesperson in the Ministry of External Affairs said diplomats deal with a variety of issues and it was normal for them to collect information, assess them and send report to the government back home.
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