One of India's major airlines, Jet Airways, has announced it is temporarily halting flight operations on Wednesday after the carrier failed to secure the "critical interim funding" necessary for the company to remain afloat.
Referring to his offer to repay 100 per cent of his loans to Indian banks and government, Mallya said, "I invested hugely into Kingfisher which rapidly grew to become India's largest and most awarded airline".
The company said Wednesday that 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. It's, however, not clear whether the airline's decision shut operations is temporary.
"Following the announcement that Jet Airways has suspended operations, Etihad continues to re-accommodate and support affected guests". This was the second time in less than a week that Prabhu has publicly said he has called for a review of issues related to Jet Airways.
"Jet Airways will now await the bid finalisation process by SBI and the consortium of Indian Lenders", the airline said, adding that it hoped to resume services "as soon as possible".
On Tuesday, the Mumbai-headquartered airline had informed the bourses that its operations have been severely impacted in the last few days due to acute fund shortage.
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SBI did not immediately respond to a request for comment.
Jet, which also owes lessors, suppliers, pilots and oil companies, has been haemorrhaging planes in recent weeks as its lessors have scrambled to de-register and take back aircraft even as Jet's lenders have sought expressions of interest from investors interested in turning it around. Initial expressions bids were submitted last week.
Speaking to newspersons after an interaction with Rajiv Kumar, Secretary, Department of Financial Services, Sunil Mehta Punjab National Bank Managing Director & CEO, said: "Discussions for reviving the airline are under way and nothing has been finalised as of now". "SBI is working on the emergency funding, everything is under discussion, nothing is finalised".
CNBC-TV18 said Jet's lenders were likely to invite binding bids from four shortlisted suitors. "Why don't Banks take the money I offered first?"
In a series of tweets, Mallya even expressed his sympathies for the cash-strapped Jet Airways and eld the government responsible for the crisis surrounding.
Once deregistered, lessors are free to reclaim a plane and lease it to another airline.