Reuters reports exclusive details of January meeting of Jet Airways; turning point for founder

Reuters reported exclusively how a meeting in early January between Jet Airways, its main lender, State Bank of India, and aircraft lessors became a turning point in the fortunes of the airline and its founder, Naresh Goyal. An emotional outburst by Goyal and Jet’s subsequent failure to pay up as promised may have pushed the relationship between the airline and its lessors to a breaking point, prompting some to take the drastic step of pulling their planes from its fleet. Indian state-run banks, led by SBI, have now taken a temporary stake in Jet, promised a new loan of 15 billion rupees ($216 million) and forced 69-year-old Goyal to resign as chairman.