Jet grounding, IL&FS units’ interest defaults continue unabated!

MUMBAI: Though the two huge corporate groups, IL&FS and Jet Airways had taken the market by surprise with their respective ‘bad news’ a few months ago, and the media did celebrate those developments when the news broke first,  today the news about IL&FS units’ default on interest payment or the Jet Airways’ aircraft getting grounded on a regular basis fails to make any headlines.

The media had both the news yesterday too, but no one seems to have bothered either.

Jet Airways on Monday informed the stock markets that it had grounded two more aircraft due to non-payment to lessors. The airline had grounded two planes each on March 1 and 2 as well, as per the stock markets filing on the development.

Out of the total 119 aircraft in all, about 30 have already been grounded due to non-payment to lessors, though a few other planes had ceased flying for repairs and for want of spares.

Jet Airways, once the pride of the country’s fast-growing aviation industry, claims it is making all efforts to minimize disruption to its network due to these untoward developments and that it is proactively informing and re-accommodating its affected guests.

“The company also continues to provide required and periodic updates to the Directorate General of Civil Aviation (DGCA) in this regard,” a Jet filing on Monday said.

 

 

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