Jet Airways, once India's largest airline, says it is temporarily suspending all operations after failing to raise enough money to run its services.
The company said it has been informed by its lenders, led by state-run State Bank of India, that they are unable to consider its request for funding to keep flying.
Its former chairman, Naresh Goyal, reportedly withdrew plans to bid for a controlling stake in the company on Tuesday.
Even though we were fierce competitors, my sympathies go out to Naresh and Neeta Goyal who built Jet Airways that India should be extremely proud of. Fine Airline providing vital connectivity and class service. Sad that so many Airlines have bitten the dust in India. Why ?
— Vijay Mallya (@TheVijayMallya) April 16, 2019
Etihad Aviation Group purchased a 24% stake in 2013.
The airline had 119 planes on December 31, when it first defaulted on some of its debt. This week, it reduced its operations to only seven aircraft flying domestic routes.