Jet Airways defaults on loan repayments to banks

The full service carrier has been grappling with financial woes for quite some time now and has been making delayed salary payments to staff.

Crisis-hit Jet Airways Wednesday said it has defaulted on loan repayments to banks, according to a filing.

A Jet Airways passenger aircraft prepares to land at the airport in Ahmedabad. (REUTERS)

The full service carrier has been grappling with financial woes for quite some time now and has been making delayed salary payments to staff.

“Payment of interest and principal installment due to the consortium of Indian Banks (led by State Bank of India) on December 31, 2018 has been delayed due to temporary cashflow mismatch,” the company said in a regulatory filing.

The company has engaged with them (banks) in relation to the same, Jet Airways added.

Shares of Jet Airways were trading lower by 2.01 per cent at 275.40 on the BSE in morning trade.