Air India's Ashwani Lohani likely to monitor Jet Airways operations

Jet Airways founder Naresh Goyal his wife Anita Goyal step down from board of directors

Its main lender State Bank of India reportedly agreed to infuse ₹15 billion into the private carrier to help it stay afloat.

The reports of Goyal's departure led to a rally in Jet's shares of more than 15 percent.

Read Also: Jet Airways founder Naresh Goyal, wife Anita resign from board Jet was seen as India's finest airline after the government nationalized the Tata group-founded Air India.

After Monday's meet, it was decided that Goyal's stake will be cut to 25.5 percent from the current 51 percent, while Etihad Airways' stake in the debt-laden carrier will also be halved to 12 percent to make room for the banks to take a controlling stake of 50.5 percent in the airline. "I am happy with this decision", he said here.

The short timeline for the lenders' plan to sell their controlling stake is also ambitious unless they have an investor in mind, Kaul said.

It also needs to pay months' worth of salaries to pilots and other senior employees.

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Jet said said there will be immediate funding support by lenders for the cash-strapped airline.

Goyal and his wife will step down from Jet Airways' board under a resolution plan piloted by its lenders.

Jet has survived collapse once before when it got close to running out of cash in 2013. Goyal says he will continue to "remain just as devoted to cementing Jet Airways' place as the gold standard of service excellence in Indian skies in a different capacity". On that occasion, Abu Dhabi's Etihad bought a 24 percent stake to keep the airline running.

"Today is indeed a sad day for Indian aviation", said Ajay Singh, chairman and managing director at rival SpiceJet, adding that Goyal made India proud by launching a "world class" airline.

"It would be appropriate for you to include two representatives from us so as to better understand our concerns about the company, and also to enable the new shareholders to confidently expect a highly empowered and engaged workforce", All-India Jet Airways Officers & Staff Association president and NCP lawmaker in the state legislature, Kiran Pawaskar said in a letter to SBI chairman Rajnish Kumar.

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