Cargo agent seizes Jet Airways plane in Amsterdam for dues

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The meeting also discussed a long-term strategy to save the debt-laden carrier which is yet to shortlist a suitor to take over its management.

Potential bidders can send their queries till April 11, it said hours before the Wednesday deadline for the submission of bids was to expire.

The fate of troubled airline Jet Airways remains uncertain as the stake-sale process draws a lackluster response. Any interested parties will then have until April 30 to make a formal bid.

"There are a lot of inquiries from different investors. The action came following the airline breaching its bank guarantee limits with the company", an Indian Oil Corporation official said. The board may meet on Wednesday to clear the proposal to participate in the Jet Airways bidding.

To be certain that genuine parties are bidding, SBI Caps, the merchant banker undertaking the task, said all members of the consortium have to provide their details, which then have to be certified by their managing director or chief executive director. The airline is now operating only 26 aircraft as several planes from its earlier fleet size of around 120 remain grounded for non-payment of lease rentals.

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Wednesday was a tough day for the airline as Indian Oil stopped jet fuel supplies for breaching the credit limit agreed upon. "A Jet Airways flight has been stopped from taking off by a European cargo company at Amsterdam (Schiphol Airport) due to outstanding bills", a Jet Airways source told ANI.

Nonetheless, industry insiders said that the lenders of the airline might have made a part-payment towards the dues. The grounding is still in effect, as the airline is unable to pay leasing fees, several lessors say. Of the latest seven planes to be de-registered, five belong to MC Aviation Partners, a unit of Mitsubishi Corp, and two are owned by Avolon, the filings show. Bankers have planned theconversion of debt into equity at Re 1, as prescribed in this circular.

"The airline will further update guests with revised timings".

Jet Airways is nearly out of funds.

The union, which is responsible for representing more than 1,100 Jet Airways pilots, has set a payment deadline for April 14th. Etihad has a 24% stake in Jet.

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