'No joy of flying', as Jet Airways grounds operations

Teetering for over four months due to cash-drought, Jet Airways, flying for over 25 years, Wednesday said its last flight will takeoff later this night, after its lenders refused to offer a Rs 400-crore lifeline.

"With immediate effect, we are compelled to cancel all our international and domestic flights. The last flight will operate today," Jet Airways informed the exchanges.

The airline said the decision follows the lenders refusing to offer a lifeline.

"Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going... and has decided to go ahead with temporary suspension of operations," the airline said.

Accordingly, the last flight will leave the Amritsar airport at 2230 hrs for New Delhi as per its flight schedule.

After a board meeting Tuesday, the management had authorised chief executive Vinay Dube to make one last appeal to the lenders for an emergency Rs 400 crore funding, and if not the demand is not met, take a final call on the future of the airline Wednesday.

Late last night, Jet Airways was informed by State Bank of India, on behalf of the consortium of lenders, that they were unable to consider its request for critical interim funding, the airline said in the statement.