Industry insiders doubt whether bankers will be able to revive the airline or not, especially after other reports surfaced that Jet’s vendors approached the National Company Law Tribunal (NCLT).
Jet, which halted operations on April 17 after running out of cash, had a market share of around 12 percent on international flights to and from India in 2018, according to government statistics, outstripping even Air India.
The company vows to invest more money in developing new tractors in the next three years than it did in the last five years.
The airline currently has over 92 aircraft in its fleet consisting mostly of Boeing 737s.
Under foreign direct investment regulations, a foreign airline can hold a maximum stake of 49% in an Indian airline, with majority control resting with an Indian partner.
Local traffic in March 2019 increased a tad to 11.60 million from 11.58 million in the same month the previous year.
Jet is currently 51% owned by Naresh Goyal. Etihad owns 24% and the rest is with the public.
Not just did Etihad Airways invest money in Jet Airways in 2013, they also bought out 50.1 percent of the JetPrivilege frequent flyer programme.
The probe threatens to intensify woes for Jet Airways, which suspended services on 17 April amid a cash crunch and over $1 billion in debt.