Even if the stake sale does not go through and the grounded Jet Airways gets dragged to bankruptcy court, experts say that its lenders may have to settle for a 50-60% haircut. 

The pilots along with engineers and senior staff are yet to receive their March salaries. But paychecks have now become even more elusive, hinging on a positive outcome of the ongoing stake sale process

Jet Airways' CEO Vinay Dube has reassured customers that the airline's customer support teams are working round the clock to ensure that passengers are re-accommodated on alternate flights or provided with a full refund

Jet Airways shutdown: A passenger, who runs a hotel chain and is a frequent flyer with the carrier, said it was painful to know that the airline is shutting down

The Jet Airways board had authorised chief executive Vinay Dube on Tuesday to make one last appeal to the SBI-led consortium to get a lifeline of Rs 400 crore, before taking a final call on the future of the airline

Jet Airways crisis: The crumbling airline is down to just five operating planes but its lenders are yet to agree to release interim funding.

\"The company has reached out to our lead lender, State Bank of India yet again and stressed on the need for urgent funding requirements, critical to the continuation of the operations of our airline,\" said Vinay Dube, Chief Executive Officer of Jet Airways.

Some of Jet Airways' lenders want founder Naresh Goyal to pledge more of his shares as collateral for advancing further loans. The airline's management is due to meet today to consider next steps

Jet, which also owes vast sums to lessors, suppliers, pilots and oil companies, has been losing planes in recent weeks as lessors scramble to de-register and take back their aircraft, even as Jet's lenders have sought expressions of interest in the carrier from potential investors.

Jet Airways has only seven planes, including six turbo propelled ones used for shorter hauls, flying at present, way below its peak of 123 planes in December

While delaying salaries of its entire 16,000 workforce for the third time since last September, on April 3, the airline had informed employees of providing an update on April 9

With 15 more planes out of operations, its fleet has woefully come down to just 20 from as high as 123, operating over 650 flights across the country and the continents