Little is known about Goyal's childhood but he began his career in aviation as a ticketing agent for Lebanese International Airlines, according to his company's website.
The lenders will also constitute and interim management committee, which will manage and monitor the daily operations and cashflow of the company.
As per ICRA's report, the airline has large repayments due in March to the tune of Rs 1,700 crores and further Rs 2,445 crore due in FY20 and Rs 2,168 crore due in FY21.
Joint venture partner Eithad's stake will be brought down to 12 percent from 25 percent and Naresh Goyal will now hold 25 percent, Kumar said.
Tata Motors extends losing streak Extending its losing streak into the third consecutive session, shares of Tata Motors settled 2.31 per cent down at Rs 171.35. Lenders expect to complete bidding process for sale/issue of shares to new investors in the June quarter. Naresh Goyal did not attend the meeting and was in London.
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In a BSE filing, the company said the Goyals and one Etihad nominee have quit the Jet Airways board and Goyal will now cease to be the chairman of the company. The harsher competitive environment forced Air India to seek multiple taxpayer-funded bailouts and the likes of Kingfisher Airlines Ltd., headed by fugitive tycoon Vijay Mallya, went out of business.
The SBI-led consortium of lenders is working on a resolution plan for the cash-strapped Jet Airways for the last five months. On the other hand, accepting an IndiGo package means the pilots will have to undergo retraining which may require them to sign a three-year bond to service the carrier, sources said. Following this, the lenders will start looking for a new buyer in the coming weeks.
At present, Jet Airways is operating with just 41 planes out of its fleet of 119 planes after failing to repay rentals. The infusion helped the airline pare down its debt and fight growing domestic competition.
Shares of Jet Airways jumped over 15 percent after media report claiming Goyal has agreed to reduce his stake.