Jet Airways gets "grounded"

The turbulence for Jet Airways continues.

Yesterday, late evening, the company stated that an additional seven aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.

The company is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity. Aircraft lessors have been supportive of the company's efforts in this regard.

The company said it was making all efforts to minimize disruption to its network.

On the last count, based on this update too, some 28 planes of Jet now stand grounded. Some 12 more could be grounded in March if payments are not made.

Jet’s total fleet is of 123 planes and currently, 23% of these are grounded.

Planes grounding will directly impact the earnings of the company.