Jet Airways lenders have taken a controlling stake in the airline, and are now in the process of selling a stake to recover their dues.
Most of the airline's board members have also quit in the last month.
"We wish to inform that Vinay Dube, chief executive officer has resigned from services of the company with immediate effect due to personal reasons", Jet Airways said in a regulatory filing Tuesday.
Agarwal was also Deputy Chief Executive Officer of the grounded airline. The exit comes days after the airline's top executive Gaurang Shetty, considered close to founder Naresh Goyal, resigned from the board of directors. Subsequent to this, hundreds of employees have left the carrier to join rival companies.
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Meanwhile, Etihad, the Abu Dhabi-based airline, has offered fund infusion of Rs 1,700 crore to revive the defunct airline but the UAE-based airline wants the lenders, led by the state-owned State Bank of India, to find a majority buyer and exemption from making an open offer in case its stake breaches 26 per cent mark, reported IANS.
Out of four shortlisted suitors, only Etihad Airways has submitted a non-binding bid for cash strapped Jet Airways, sources privy to the developments told CNBC-TV18.
"Etihad re-emphasises that it can not be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet's required recapitalisation", Etihad said in a statement on May 10, which was the last date for submission of bids.
The other three contenders are TPG Capital, Indigo Partners and National Investment and Infrastructure Fund (NIIF).
With this, the lenders would have no problem in entertaining the already received two unsolicited bids if their proposals are anyway better than the one offered by Etihad.