Jet Airways has no option but to shut shop as banks deny lifeline yet again

The airline, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders

With the lenders rejecting an lifeline of Rs 400 crore Wednesday Jet Airways, which has been on a wing and prayer since January, is left with no other option but to ground operations at least temporarily.

Since the March 25 resolution to infuse Rs 1,500 crore into the airline is yet to fructify, the once leading airline has been defaulting on payments, forcing its lessors to retake almost all its planes and was operating just about six planes as of Tuesday.

An official announcement of grounding of operations is expected anytime now as the Jet Airways board had Tuesday authorised chief executive