Delhi - Early February this year, the Indian low-cost operator Jet Airways head to ground four of its aircraft due to overdue payments to the leasing companies. Since then, the airline has significantly reduced its active fleet.
In the last few days alone, the carrier grounded ten more aircraft bringing the total number of parked planes to 23. In other words, every one of five aircraft in the Jet Airways' fleet is out of service due to overdue payments of the company.
Jet Airways has been in financial crisis since 2018 because of $1 billion irrevocable debt.
In the domestic market, Jet Airways is under the intense pressure of other budget carriers such as Indigo and Spicejet. The airline is, therefore, trying to strengthen its long-haul business and has recently launched new codeshare deals with Air France-KLM, Delta, Virgin Atlantic, and Flynas.