Jet Airways has grounded more than three-fourths of its fleet due to non-payment of lessors' rentals and is operating just about 25 planes out of its 123 earlier.
Jet Airways grounds more planes after failing to pay lessors; seeks access to bailout funds promised by banks
With a smaller operating fleet, Jet Airways has given pilots and cabin crew the option of flexible working days and taking extended leave with or without pay.
SpiceJet to cancel 35 flights today after India grounds all Boeing 737 Max aircraft; to set up cell to deal with passenger grievances
SpiceJet said, a majority of passengers affected as a result of these cancellations have been accommodated on alternate flights
“We have grounded our aircraft, we have control over our aircraft, but we have not terminated the leases and we are waiting for the airline to approve all its restructuring with the State Bank of India,” FLY Leasing CEO Colm Barrington told analysts on results call on Thursday
As many as 28 aircraft have already been grounded and by the end of February, another 14 planes will be grounded making it almost one-third of Jet Airways' fleet of 123 planes.
International lessors doubt Jet Airways rescue plan; pull out more planes, likely to be shifted out of India
Jet Airways has defaulted on loans and has not paid pilots, leasing firms and suppliers for months.
Jet Airways grounds four aircraft after failing to pay lessors, says making efforts to reduce disruption to network
Saddled with debt of about $1.14 billion, Jet Airways has been hit by price competition, rupee depreciation and high oil costs.
Jet Airways shares jump over 18% on report of chairman Naresh Goyal's likely exit from airline's board
The report also said Etihad may infuse capital into Jet and raise its stake from the 24 percent it currently owns.
Lessors to troubled Jet Airways consider taking back planes; carrier says working on turnaround strategy
Jet Airways controls over a sixth of a market experiencing an unprecedented boom in air travel.
The Naresh Goyal-controlled Jet Airways, which is part-owned by Gulf carrier Etihad, has not been paying salaries on time to about 15 percent of its over 16,000 employees since August last year due to a liquidity crunch.