Jet Airways CFO Amit Agarwal resigns due to 'personal reasons'

Debt-ridden Jet Airways on Tuesday announced that its CFO and deputy CEO Amit Agarwal has resigned from the company citing 'personal reasons'. "We wish to inform you that Mr. Amit Agarwal, Deputy Chief Executive Officer and Chief Financial Officer of the Company has resigned from the services of the Company due to personal reasons, with effect from 13 May 2019," Jet Airways said in a statement to the stock exchanges.

Jet Airways is running into a debt of more than Rs 8,500 crore and the airlines has shut down operations temporarily after lenders decided not to extend emergency funds for its survival. On Thursday, mortgage lender HDFC has put up the office space of Jet Airways for sale with a reserve price of Rs 245 crore. The move is seen as an attempt by HDFC to recover its outstanding dues. "The borrower (Jet Airways) has failed to repay the amount (Rs 414.80 crore) due to HDFC Ltd. Accordingly, HDFC Ltd has become entitled to enforce its mortgage over the immovable property," HDFC had said in a public notice.

Jet Airways lenders decided to look out for bidders for the cash-strapped airline after existing shareholder Etihad Airways refused to raise its stake beyond the current 24%. Sources said that Etihad has expressed its interest in infusing Rs 1,400 crore in Jet Airways and keep its stake in the airline at the current level.

Jet Airways, which had over 120 planes in its fleet, has defaulted on various payments, including salaries to employees. In order to revive the ailing airline, State Bank of India-led consortium of lenders have sought bids for stake sale in Jet Airways and Etihad Airways, TPG Capital, Indigo Partners and National Investment and Infrastructure Fund (NIIF) have shown interest in picking up stake in the distressed carrier.