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Jet Airways troubles mount as five more aircraft grounded for non payment of dues

FE Bureau
jet, jet airways, aviation sector, aviation industry

Jet Airways on Wednesday informed the stock exchanges that it has grounded five more aircraft due to non-payment of dues to lessors under their respective lease agreements. This takes the total number of aircraft groundings due to non-payment of lease dues to 40 aircraft.

Jet also has aircraft grounded due to lack of spares and maintenance issues. If that is taken into account, Jet s total fleet on the ground is 59, nearly half of its 119 aircraft. This means Jet is essentially flying a truncated schedule and flying about half of its scheduled flights of 600 flights.

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It informed fliers on its website earlier that it will be cancelling 200 flights till March end. But actually the number is much higher. The airline that is going through a tough phase financially is currently under a restructuring and debt-resolution plan led by the state-owned bank SBI. The plan has got a clearance from Jet s shareholders but not an approval from its foreign join-venture partner, Abu Dhabi-based airline Etihad.