The airline announces the suspension of all its operations

"Jet Airways is obliged to cancel all its international and domestic flights. The last flight will be operational today, "the airline said in a statement.

Jet had asked a syndicate of lenders led by the State Bank of India to urgently provide four billion rupees ($ 80.3 million), but said it had not been done.

"This has been a very difficult decision, but without interim funding, the airline is simply unable to conduct its flight operations to meet the very reasonable expectations of its customers, employees, partners and service providers," he said. he added.

The airline was once India's second-largest market share, but is on the verge of collapse with debts of more than $ 1.4 billion.

Wednesday, Jet operated only five aircraft, unable to pay its bills, while his fleet had more than 120 aircraft at its peak.

The carrier has canceled hundreds of flights in recent weeks, blocking thousands of pbadengers.

He has repeatedly missed his credit commitments and has not paid his staff in recent months. The consortium took control of Jet in March and is committed to providing "immediate financial support" of $ 304 million as part of a debt resolution plan.

But they failed to release most of the money and the banks also did not agree on the procedure after a meeting of several hours on Monday.

The SBI-led consortium is looking for a buyer for Jet and an advanced deadline Friday for potential candidates to show interest in a 75% equity stake in the carrier.

The SBI has not yet announced a list of potential candidates, but Indian media have announced that four of them were in contention, including Etihad Airways, which already holds a 24% stake.

"Jet Airways will now wait for the process of finalizing the bid by SBI and the consortium of Indian lenders," said the airline, adding that she hoped she could resume her services "as quickly as possible".

The collapse of Jet and the loss of more than 20,000 jobs would be a blow to Prime Minister Narendra Modi's reputation as prime minister in seeking a second term for the current national elections.

Jet's general manager, Vinay Dube, paid tribute to the staff in an email and told the company that "it was necessary to give another chance" to the airline.

But badysts said buyers would be reluctant to buy an airline that has lost most of its airport slots.

"Is any one willing to take the risk of giving an electric shock to this comatose body? I do not see him coming. At best, the role could be reduced, "said Devesh Agarwal, editor-in-chief of Bangalore Aviation.

JET & # 39; S DOWNFALL

Bad investments, competition from several low-cost companies, high oil prices and low rupee have led to Jet's current financial situation, experts said.

Mismanagement also affected the airline.

Analysts traced the start of Jet's financial problems to its acquisition of Air Sahara in 2006 for $ 697 million in cash.

The founder, Naresh Goyal, reportedly ignored the advice of her badociates who said the cost was too high.

Mr Goyal, 69, launched Jet in 1993 after the Indian government adopted a series of reforms aimed at making the economy more market-oriented.

The Mumbai-based carrier quickly gained a reputation for introducing new initiatives – Jet was the first Indian airline to offer a loyalty program and in-flight entertainment.

But it started to suffer from the new, well-run low-cost airlines, including IndiGo, GoAir and SpiceJet, which were created between 2005 and 2006.

Alarms about Jet's financial situation began to sound loud in August when the company did not report quarterly results or paid staff, including pilots.

He then announced a loss of $ 118.5 million.