In a brief statement, Jet Airways’ lenders said “the best way forward for the survival of Jet Airways is to get the binding bids from potential investors”.

New Delhi: With cash-strapped Jet Airways shutting all its flight operations, aviation regulator DGCA said Thursday it would ask the airline to file a “concrete and credible revival plan to restart suspended operations”, adding it (DGCA) “would endeavour to do its best to help the company revive its operations within the regulatory framework”. Top civil aviation ministry officials were huddled in meetings all through Thursday with representatives of both airports and other airlines in the country “to coordinate and address any emerging issues on capacity, slots and passenger convenience”, after the shutdown of Jet Airways flight operations.

In a brief statement, Jet Airways’ lenders said “the best way forward for the survival of Jet Airways is to get the binding bids from potential investors”, and the “lenders are reasonably hopeful that the bid process (that will conclude by May 10) is likely to be successful...” The Indian lenders’ consortium is led by the State Bank of India.

The government had late Wednesday evening said the “DGCA and other regulators are monitoring the situation carefully to ensure all the existing rules (on) refunds, cancellations and alternate bookings are followed strictly”, and “any passenger complaints or issues should be promptly reported to the #AirSewa portal or mobile app”.  The government also said it is working with airports and airlines “to bring in capacity rapidly to ensure that fares remain stable and competitive”.

A senior DGCA official said Thursday: “Consequent to the decision of Jet Airways (India) Ltd  to temporarily suspend all flight operations beyond 17 Apr 2019, the DGCA would take action  following due procedure under relevant regulations. The DGCA would also be asking the company for a concrete and credible revival plan to  restart suspended operations.”

In a statement, the lenders said: “The lenders, after due deliberations, decided the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI and have been issued bid documents on 16th April. The lenders are reasonably hopeful that the bid process is likely to be successful in determining a fair value of the enterprise in a transparent manner.”

In a series of late-evening tweets on Wednesday, the civil aviation ministry said: “Jet Airways has informed MoCA that it is temporarily ceasing operations. The bank-led resolution process is still underway and expected to end by May 10. During this time, MoCA will support the resolution process within the existing legal and regulatory framework... Our overriding priority remains the safety, convenience and affordability of our aviation system. We are assisting airlines and airports to bring in capacity rapidly to ensure that fares remain stable and competitive.”