Jet Airways founder Naresh Goyal may step down as chairman today

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Jet has survived a near-death experience once before; in 2013, Abu Dhabi's Etihad Airways injected $600 million of capital for a 24 percent stake in the airline, three London Heathrow slots and a majority share in Jet's frequent flyer programme. Afterwards one of the two Etihad nominees will exit the Jet board, the ET report said.

The lenders will nominate two directors to the Jet board and will shortly initiate an auction process to find a new strategic investor for the company.

It has formed an Interim Management Committee (IMC) to oversee the financial and operational performance of the airline under the supervision of the board of directors with the support of McKinsey & Co.

In the exchange filing, Jet Airways said the company would receive immediate funding of up to Rs 1,500 crore from its lenders.

Jet Airways share price has been gaining for the last two days and has risen 6.93% during the period.

It is likely that the lenders will take over more than 50 per cent of the airline's stake.

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Jet Airways, which is saddled with over $1 billion in debt, has grounded almost 40 planes because of non-payment of dues in the past few weeks.

Jet's moneylenders consortium may invoke the complete 51 per cent stake of Naresh Goyal within the airline, and begin searching for a new buyer within the coming weeks.

Shares of Jet Airways jumped over 15 percent on the BSE to end at Rs 260.

He had headed the national carrier from August 2017 to September 2017 before being moved to the Railway Board as the chairman, from where he retired in December 2018.

The airline has not paid salaries to a section of its employees, including pilots.

Joint venture partner Eithad's stake will be brought down to 12 percent from 25 percent and Naresh Goyal will now hold 25 percent, Kumar said.