Lenders are negotiating with key stakeholders of Jet Airways, Suresh Prabhu said
Civil Aviation Minister Suresh Prabhu today said that the aviation regulator is monitoring and ensuring that safety standards are maintained in flights of Jet Airways.
Mr Prabhu, the Directorate General for Civil Aviation (DGCA) is monitoring the situation closely, says the to Commerce and Industry and Civil Aviation Minister
Currently, owing to its tight financial position, the airline has been forced to ground over 20 aircraft due to non-payments of dues.
Speaking on the financial status of the airline, the Minister told reporters that the lenders led by the State Bank of India (SBI) are trying to address the financial issue.
At present, lenders are negotiating with key stakeholders of Jet Airways to take forward the proposal to convert a part of the company's loans into shares and to iron out any differences over the plan.
Civil Aviation Secretary Pradeep Singh Kharola said the Ministry had asked Jet Airways to "give enough notice to DGCA on flight cancellations" and to make alternate arrangements with other airlines for cancelled flights.
Lately, investors have been jittery over the financial health of the company following continuous grounding of aircraft, the latest of which came on Monday.
The company in BSE filings had informed that 19 aircraft were grounded in February over non-repayment of dues to lessors while 6 aircraft were grounded this month, taking the total to 25. The Jet Airways Group operates a fleet of 123 aircraft.