Sad day for Indian aviation: SpiceJet chief on developments at Jet Airways

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After Monday's meet, it was decided that Goyal's stake will be cut to 25.5 percent from the current 51 percent, while Etihad Airways' stake in the debt-laden carrier will also be halved to 12 percent to make room for the banks to take a controlling stake of 50.5 percent in the airline.

As part of the debt resolution plan, piloted by SBI, the carrier's founder and chairman Naresh Goyal, his wife Anita Goyal and Etihad Airways' nominee director Kevin Knight are quitting the board. "I am happy with this decision", he said here.

The government asked state-run banks to rescue this privately held airline.

Lenders to undertake a bidding process for its shares.

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Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai, India, November 29, 2017.

The reports of Goyal's departure led to a rally in Jet's shares of more than 15 percent. Many of its pilots and other support staff have also not been paid salaries for several months, according to media reports.

The company further said that a resolution plan being formulated by a consortium of domestic lenders led by State Bank of India in accordance with the guidelines set out under the Reserve Bank of India on. "That is the best process", Srinivas said, in response to a query on whether Jet Airways qualified for bankruptcy proceedings.

Abu Dhabi's Eithad Airways, which owns a 24 per cent stake in Jet Airways, is however reticent to provide interim funding of about 7 billion rupees (USD 99 million) to Jet Airways, the source said.

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"Today is indeed a sad day for Indian aviation", said Ajay Singh, chairman and managing director at rival SpiceJet, adding that Goyal and Anita made India proud by launching a "world class" airline.

In a stock market filing which also announced the resignation, the company said that banks would lend around $210m to keep it afloat until it starts to sell shares to new investors.

Goyal's exit as chairman brings an end to an era during which he built Jet into one of India's leading airlines with more than 120 planes, enviable landing slots and flights to places such as Hong Kong, Dubai, Paris and London.

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