Jet Airways founder Naresh Goyal resigns in the face of the crisis

The founder of the cash-strapped Indian airline Jet Airways has stepped down as chairman of the company.

The resignation of Naresh Goyal should allow potential investors to save India's oldest private carrier.

They were held back by Mr. Goyal's reluctance to give up control of the company, according to reports.

Jet's debt exceeds $ 1 billion (750 million pounds sterling) and the airline has blocked some flights while struggling to pay employees, suppliers and leasing companies.