As part of cost reduction efforts, the full service carrier has asked its employees, including pilots, to take steep pay cuts
The unions also suggested banks can extend special and exclusive loans to the airline to pay the salary dues or some subsistence payments to them against proper collateral.
The guild, which claims to represent around 1,100 of the 1,600 Jet pilots, had earlier warned to go on strike from April 1, unless their salary dues were cleared and clarity was provided on future payments by March 31.
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.
Sundays are generally quiet days for air travel, but this Sunday was a tad different. There was quite an excitement at Gate 28 of Mumbai airport's Terminal 1 as Akasa Air, India's newest airline, prepared to take to the skies on Day 1. With a new fuel-efficient Boeing 737 Max aircraft and soft cushioned seats equipped with USB ports, Akasa Air hopes to bring freshness to the flying experience.
He urged employees to bear with him in this difficult situation a little longer, till the airline emerges out of turbulence and fiscal challenges.
Airlines sought a limited period concession of the standing rule of slot allocation, which mandates that firms must operate at least 80 per cent of their allocated slots.
Jet has been operating on international routes since 2004, being the first private airline to do so in decades, after it launched a Chennai-Colombo service in March that year.
The interim funding has not been forthcoming thus far, and as a result Jet has extended cancellation of international operations until April 18.
Jhunjhunwala passed away early on Sunday morning due to a cardiac arrest, a source in his newly set up airline said.
Alleging some "motives" behind the series of developments at the carrier, Jet Airways Officers & Staff Association president Kiran Pawaskar demanded a probe, preferably by CBI.
Jet's operating fleet reduced from 103 planes in October 2018 to 35 now, leading to massive cancellations and a surge in airfares
Signs of financial stress were visible when the airline reported a loss of Rs 10.40 billion.
A resurgent SpiceJet is spreading its wings and Vistara is set to challenge Jet on long-haul routes in the coming years.
Rakesh Jhunjhunwala-backed new airline Akasa is in talks with US aerospace company Boeing for buying up to 100 737 Max aircraft. Former Jet Airways CEO Vinay Dube and his family members are promoters while ex-IndiGo president Aditya Ghosh is a board member of the airline. The airline is in negotiation with Boeing and has reached out to the government to recertify the aircraft which has been grounded since 2018 after two crashes killing 349 persons, according to sources in the know.
The airline owes lakhs of rupees to passengers and its vendors.
A consortium of 26 lenders led by the SBI, with 51 per cent stake in the debt-trapped airline, has invited bids from potential suitors.
At the recently concluded Dubai airshow, Akasa, Rakesh Radheyshyam Jhunjhunwala's new airline, signed a $9 billion deal with American aircraft maker Boeing to buy its 737 MAX planes and a $4 billion one for engines with CFM, a joint venture between GE of the US and Safran of France. Unlike his financial doppelganger Warren Buffett, who divested billions from his airline stock portfolio at the start of the pandemic, Jhunjhunwala is wagering his billions in a brand new airline. The legendary investor bought a roughly 40 per cent stake in SNV Aviation in September, Akasa's holding company, started in March by three former Jet Airways colleagues. With aviation still to recover from its pandemic slump, the big question around his foray into domestic aviation, due to take off in summer 2022, is whether it is another pie in the sky.
Despite adding no new aircraft, Jet Airways saw more departures during the year, it flew more people, and achieved a higher load
The April 2 Supreme Court order quashing the February 12, 2018 RBI circular (which ended all debt recast plans even on a one-day default) put paid to the resolution plan as banks were left with no leeway to restructure the loan and pay the promised Rs 1,500 crore interim funds.
The market buzz is that the GoAir promoters are hoping for a valuation that is at least a little more than double its closest rival SpiceJet.
Old-timers say Jet boss Naresh Goyal, although still razor sharp, doesn't have the same energy he once did and this reflects in his 'baby'.
Mumbai defeated Uttar Pradesh by 46 runs in their last Super League Group B game, but that was not enough for them to find a place in the finals.
Karnataka took control of their Ranji Trophy quarter-final against Mumbai by taking a commanding 222-run lead over the 41-time champions on day two of the five-day game at the Vidharbha Cricket Association stadium in Jamtha.
Karnataka inflicted an innings and 20 runs defeat on Mumbai with more than a day to spare in the Ranji Trophy quarter-final in Nagpur on Sunday to move into the semi-finals in convincing fashion.
A look at Royal Challengers Bangalore's IPL record over the years.
Rajneesh Gupta presents statistical summary of Royal Challengers Bangalore and much more.
Deepak Chahar's heroics (four wickets in an over) went in vain as Rajasthan went down by 1 run
A round-up of the Ranji Trophy quarter-final matches played on Saturday.
Shreyas Iyer slammed 178, while captain Siddhesh Lad made a responsible 130, to power Mumbai to an imposing score of 439 for eight against Baroda, on Day 1 of the Ranji Trophy match.
Punjab pummelled Delhi by 10 wickets for their maiden win of the season on Friday while handing the hosts their first Ranji Trophy loss at home in five years.
India Test regulars like Cheteswar Pujara and Ishant Sharma have also thrown their hat into the ring with base prices of Rs 50 and Rs 75 lakh respectively.
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