"Even though we were fierce competitors, my sympathies go out to Naresh and Neeta Goyal who built Jet Airways that India should be extremely proud of".
It added that this has been a very hard decision but without interim funding, the airline was simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of its guests, employees, partners and service providers. The carrier has already suspended worldwide operations till April 18.
Bad investments, competition from several low-priced carriers, high oil prices and a weak rupee have led to Jet's current financial predicament, analysts say.
"Please note that in view of the critical liquidity position of the Company, its operations have been severely impacted".
The liquor baron also said it is "sad" that so many airlines in India have "bitten the dust".
"Lenders are committed to a revival plan for Jet Airways", Punjab National Bank's Managing Director Sunil Mehta said.
The 1992-founded carrier, which until recently, was India's second largest airline, is in deep financial problems and now failed to secure an emergency funding with its biggest lender, the State Bank of India (SBI).
Jet, which did not respond to requests for comment, saw its shares fall by as much as 18.5 percent on Tuesday after Indian media reported that Jet's management had advised the airline's board to temporarily suspend the company's operations.
Jet will be forced to shut down as soon as Wednesday if it does not get emergency funding from its lenders, two sources familiar with the matter told Reuters on Tuesday. Jet Airways is saddled with debt of over Rs 8,500 crore. Significantly, Civil Aviation Minister Suresh Prabhu has called for a review of issues related to Jet Airways, including rise in airfares, today.
In another significant development, promoter Naresh Goyal, who had participated in the Expression of Interest (EoI) issued by the lenders on Friday is believed to have made a decision to withdraw from the bidding process. Goyal had submitted his Expression of Interest (EoI) as part of a consortium on April 12.
Jet had asked a consortium of lenders led by the State Bank of India to urgently provide four billion rupees ($57.5m) but said that this had not been forthcoming. That just might be too late for Jet Airways.
According to NAG, which has around 1,100 members, the airline is only operating around 450 seats per day. And that's pretty bad news for the already disgruntled employees.
The DGCA had a meeting with airlines on Tuesday.
According to an airline source, the number of pilots has dropped to around 1,300 after about 400 pilots left in the wake of the crisis.
With uncertainty mounting over the fate of the airline, its shares crashed almost 19% yesterday and is now trading almost 8% lower at Rs 241.85 apiece. Jet Airways said that it has informed the Directorate General of Civil Aviation, and the Ministries of Civil Aviation and Finance and other relevant government institutions, of this course of action.