Rise and fall of Jet Airways: How Naresh Goyal’s number one airline came close to bankruptcy

After Jet Airways Chairman Naresh Goyal stepped down from the board amid with the lenders taking over the firm, industry peers says that it’s a sad day for aviation sector. “Today is indeed a sad day for Indian aviation.

By launching a truly world class airline, Naresh and Anita made India proud,” Spicejet CEO Ajay Singh said.  SBI Chairman Rajnish Kumar said that due to the differences between the partners Etihad and Jet Airways, the resolution plan could not proceed, adding that Naresh Goyal can return to the firm as a new investor.

“Anybody can arrange the funding and negotiate terms as the new investor, including Mr Naresh Goyal. There is no legal bar,” he said in an interview to CNBC TV18. While who will takeover Jet Airways remains to be seen, we take a closer look at the timeline of the carrier since its inception in 1991.

Jet Airways takes off: In 1991, Naresh Goyal started Jet Airways, taking advantage of the opening of the Indian economy and the enunciation of the Open Skies Policy by the government. Jet Airways commenced commercial operations on May 05, 1993. Read More

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