Jet would require around ₹170 crore to clear at least one month's salary of its employees.
Shares of Jet Airways, which has shut down operations temporarily, continued to fall for the third day in a row Monday, tumbling over 23 per cent. In three days, the scrip has plummeted over 49 percent.
While the lenders are reasonably hopeful of a successful for auctioning process says sources, banks are working on plan B in case things don't get progress as expected if the bidding process fails lenders would favor a resolution for the debt-ridden Jet Airways outside the Insolvency and Bankruptcy Code (IBC) framework, sources said recovery on the basis of existing security and tangible assets would be preferred option they added.
On the traded volume front, 43.47 lakh shares of the company were traded on the BSE and over four crore shares on the NSE till afternoon. Jet Airways owes almost Rs 11,261 crore to banks, which includes Rs 7,251 crore from domestic lenders and Rs 4,000 crore to its foreign lenders and unpaid interest amount of Rs 1,000 crore.
Jet Airways had "temporarily" suspended all flight operations from last Wednesday as it failed to secure an interim funding of Rs 400 crore for maintaining bare minimum operations.
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"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".
Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, April 18, 2019.
In the latest development, the company's Non Executive Non Independent Director Nasim Zaidi has submitted his resignations "due to personal reasons and constraints of time".
The Uddhav Thackeray-led party, an ally of the BJP at the Centre and in Maharashtra, also wondered "if some corporate force was acting behind the curtains to ensure the airline's collapse". Some of Jet Airways' grounded aircraft will start flying by mid next week, possibly as early as Tuesday.
Low-priced carrier SpiceJet has hired as many as 500 pilots, cabin crew, technical and other ground staff in recent weeks with a lot of them coming from now-grounded Jet Airways. "When our Banks already have an exposure of ₹7200 crore to Jet Airways and when the promoter Naresh Goyal is unable to bring in further capital, and when the airline is already cash-starved, it is most prudent that the banks are not willing to lend any further to them unless and until viable proposals come to take over and run the airline on proper lines", he said. The low-priced carrier is the second biggest carrier by domestic market share of 13.7 per cent (as on Feberuary, 2019).