It’s been nearly a week now that Jet Airways has not had even one flight in the air. With the passing of every day it seems that the management is losing the reality that an airline which is meant to be rescued which is rather being dissolved. Naresh Goyal, the person through the Jet Airways was being run alone. The early indication of an airlines company under pressure was all there in the year 2018. They had loans which were to be paid of Rs. 1700 crore during December 2018 to March 2019 which had been well known to the financial institutions for a very long time not at the last moment.
Had the financial institutions been prepared with another blueprint for the year 2019 to revive the company they would have got the ownership of the company much sooner than later. By the time the banks decided that they should buy the stake in the company from debt to equity, the goalpost had moved. The airlines company was no longer able to offer a programme that matched the requisites of the customers and required cash to pay up everybody even if a part of money to initiate operating the network once again.
If the airlines company was a private equity funded undertaking then it would have no difficulty getting itself another aid by the help of monetary fusion but with each passing day the situation got more and worse and banks were not ready to open their purse. While the banks made a small victory by removing Naresh Goyal from the Chairmanship. Even though the company didn’t receive monetary fusion. In the end it is wisely said that aviation is like a church, everybody enters but hardly few follow.