DGCA likely to seek credible revival plan from Jet Airways
1 min read 18 Apr 2019, 01:45 PM ISTJet Airways on Wednesday announced temporary suspension of its operations as it did not receive emergency funds to stay afloatLenders are carrying out the bidding process for a stake sale in the ailing airline
PremiumNew Delhi: With cash-starved Jet Airways suspending operations, aviation regulator DGCA on Thursday said it will ask the airline for a "concrete and credible" revival plan, as well as extend help within the regulatory framework.
A senior official of the Directorate General of Civil Aviation (DGCA) also said the regulator would take action in accordance with due procedure under relevant regulations.
After weeks of uncertainty, Jet Airways on Wednesday announced temporary suspension of its operations as it did not receive emergency funds to stay afloat.
The DGCA would ask the company for a concrete and credible revival plan to restart suspended operations, the official added.
According to the official, the watchdog would also endeavour to do its best to help the company revive its operations within the set regulatory framework.
Also read: Jet Airways shares tank 34% after temporary shutdown
Lenders are carrying out the bidding process for a stake sale in the ailing airline, which has a debt burden of more than ₹8,000 crore.
Against the backdrop of capacity reduction due to flight cancellations and rise in airfares, civil aviation secretary Pradeep Singh Kharola on Thursday held a meeting with representatives of various airport operators. It was also attended by Airports Authority of India (AAI) officials.
Issues related to slot allocation at airports in the wake of Jet Airways suspending operations were discussed at the meeting, an official said.
On Thursday, lenders to Jet Airways said they were reasonably hopeful of a successful bidding process for a stake sale in the airline.
Also read: Jet Airways crash landing deals a big blow to aviation sector; market dynamics set to change
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed
