It immediately needs Rs.1000 crore to merely stay afloat and to sustain the airline till a new buyer comes on board. All its global services are formally suspended through April 18.
"The airline has failed to garner the funds it was desperately looking for to continue operations", he said.
In a filing to BSE, Jet Airways reacted to queries from the stock exchanges on a media report that said "Jet Airways likely to temporarily shut down its operations" stating it is awaiting emergency liquidity support from the consortium of lenders led by State Bank of India. We ask a set of five questions to bankers and expose their negligence.
Business Standard had earlier reported that Jet Airways was headed towards a total grounding and a decision could be taken as early as Tuesday after a meeting of its board of directors.
"The interim funding has not been forthcoming thus far, and as a result, we have extended cancellation of global operations through Thursday", said Jet Airways (India) CEO Vinay Dube in a letter on Monday to the airline's over 20,000 employees.
Only the shortlisted candidates will be allowed to bid, said the sources on condition of anonymity.
Earlier in the day, Civil Aviation Minister Suresh Prabhu had called for a review of issues related to struggling Jet Airways, including rising fares and flight cancellations.
Sources in the know told India Today that the lenders are unlikely to extend any interim funding as of now - they want to weigh the seriousness of bids received for the recently-concluded stake sale before firming up any funding plans.
The board of the full service carrier, which is now operating less than 10 aircraft, is meeting in Mumbai on April 16. More than two dozen Jet-operated planes have been de-registered this month, and Jet has been forced to ground dozens more over unpaid dues.