Etihad presented a conditional expression of interest to reinvest in Jet as a minority stakeholder, with an agreed partner, but this did not materialise.
Abu-Dhabi based Etihad Airways in a statement released to Gulf News said it was also re-routing relevant flights.
Earlier this week, SBI-led consortium of 26 lenders had decided to seek resolution under IBC as they had received only a conditional bid.
The ED began the probe after insiders tipped off that Etihad’s investment in JetPrivilege Private Limited may have been in violation of FDI limit norms.
Banks and capital markets too often give tycoons a free pass to destroy companies such as Jet Airways.
The bidding process to find a buyer for the beleaguered Jet Airways, which was to kick start from April 6, will likely commence from April 8 now.
With this, the total number of aircraft taken out of operations due to severe liquidity crunch in the airline and its subsequent failure to pay rentals to various lessors now stand at 32 so far.
Jet Airways, a full-service airline, has been grappling with acute financial crunch that has also forced it to ground many planes as well as delay payment of salaries and loan repayments.
Jet Airways has been grappling with financial woes and is looking to rejig debt as well as raise funds.
In the three months ended December 2018, Jet Airways reported a consolidated net loss of Rs 732 crore.
Debt-ridden Jet Airways has finally accepted all the conditions set forth by Gulf carrier Etihad Airlines.
Crisis-hit Jet Airways Wednesday said State Bank of India along with other lenders and stakeholders is working on a comprehensive resolution plan to turnaround the airline.
The woes of cash-strapped Jet Airways may soon be over with Etihad Airways reportedly gearing up to pump in money to increase its stake from the current level of 24 per cent.
Naresh Goyal today scotched rumours about Gulf carrier Etihad Airways exiting its over three year-old equity partnership with Jey Airways and also said he is not looking for another partner.