At Jet, Naresh Goyal says he has agreed to all the T&C laid down by lenders

New Delhi: Jet Airways founder Naresh Goyal has said that he has agreed to every term and condition laid down by the lenders in order to ensure that there are no delays in the release of funds for the debt-ridden airline. “… I have agreed to each and every term and condition laid down by them in a timely manner… I have given all facilitation for implementation of the ‘Resolution Plan’ and signed on the dotted line as required to ensure the release of the much-needed funds committed by the lenders, in order to secure a sustainable future for Jet Airways,” a statement released by Goyal said.

After a consortium of Jet’s lenders, led by the State Bank of India, took control of the airline, they promised a capital infusion of Rs 1,500 crores as part of a debt resolution plan.

As fears pertaining to the future of the airline persisted, Goyal said that he had conscientiously taken some hard, personal decisions and extended all the cooperation to the consortium of Indian lenders.

The backdrop

The statement comes a day after Jet grounded 15 more planes and offered a sabbatical to its pilots in an official communication.

As per the debt resolution plan, approved by the airline’s board on March 25, apart from a fund infusion of up to Rs 1,500 crore by lenders, debt will be converted into equity. After Goyal and his wife Anita exited the Jet Airways board, Goyal’s stake in the airline came down to 25 percent while that of Etihad shot down to 12 percent.