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Dubai: Jet Airways' board of directors on Monday approved the resignation of its founder and chairman, Naresh Goyal, as the Indian carrier gasped for more than $ 1 billion in debt and suspended operations.
Goyal will cease to be both president and director of the airline, confirmed a statement, while Jet Airways had always presented a plan to obtain immediate funding of up to 15 billion Indian rupees from of lenders.
The funding will be through the issuance of debt instruments to help the airline to "restore normalcy" in its operations. Jet Airways currently operates only a quarter of its fleet of aircraft after being forced to put others on the ground for not having paid renting leases.
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