Naresh Goyal quits as Jet Airways chairman, airline gets a lifeline 

Naresh Goyal.

New Delhi: The founder-chairman of Jet Airways, Naresh Goyal, and his wife, Aneeta Goyal, have stepped down from the airline’s board, on Monday. The beleaguered airline was struggling to meets its expenses over rising debt.

Lenders to India’s oldest private sector airline have agreed to pump in funds as this was the only way to keep the airline operational and give them a chance to recover their dues of over ₹8,000 crore. They have also taken over the company’s management and board.

The lenders, led by the State Bank of India, will infuse ₹1,500 crore of emergency funds, which will help Jet Airways continue operations. However, customers will still face disruption for a few weeks as of its total fleet of 119 aircraft, less than 30 are understood to be flying.

Arun Jaitley, in a news conference said, “This is a decision the creditors have taken because they have kept legitimate self-interest and public interest in mind. The self-interest of the banking system is that the company must survive so that their investment remains and if it prospers they can get back their money, the debt can be serviced.”

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