Jet Airways shutdown: Value of JPMiles 'secure and intact', says Jet Privilege

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The airline said it was forced to take the step as a consortium of lenders had turned down its request for emergency interim funding. Consequently, with immediate effect we are compelled to cancel all worldwide flights as well as our domestic flights.

In a series of tweets, Mallya said that the collapse of Jet Airways and his Kingfisher Airlines (which is now defunct) is largely due to the policies of the government.

The airline had written to the Prime Minister's Office, the Finance Ministry as well as the Ministry of Civil Aviation on Tuesday informing them that if an emergency fund of ₹400 crore was not released by banks it would not be in a position to refund passengers for cancellations.

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Earlier on Tuesday, Indian business channel BTVI said Jet's board had authorized Dube to seek a minimum of 4 billion rupees (S$78 million) in interim funding, and had advised him to ground the airline if no funds materialized.

"This has been a very hard decision but without interim funding, the airline is simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of its guests, employees, partners and service providers". Jet Airways sincerely and profusely apologises for the disruption to the travel plans of all its guests. The cash-strapped airline is yet to receive a loan of about Rs 1,500 crore as part of a rescue deal with government-owned lenders.

The airline took the decision in the wake of lenders refusing to offer a lifeline.

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The airline, which has a huge debt pile on its books, is in the midst of a stake sale process with bids being scrutinised for the final round. "We are actively working to try and ensure that the bid process leads to a viable solution for the company".

A passenger who had booked tickets on the Jet Airways flight from Bengaluru to Amsterdam and then a connecting flight to Copenhagen on April 20 has been accommodated on the Air India AI 157 flight to Copenhagen from New Delhi on the same day. The airline would like to thank them for their continued patronage, support and loyalty over the years.

It described the flight suspension as "temporary".

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"Lenders are committed to a revival plan for Jet Airways", Punjab National Bank's Managing Director Sunil Mehta said. Its fleet is reduced to just five aircrafts and it has suspended its worldwide operations. Even during the toughest of times, Jet Airways employees have worn a smile on their face and put their duty to its guests and the nation first. We are worth investing in, you are worth investing in and we confident that we will be back to share the joy of flying with our fellow-guests once again.