Naresh Goyal, Etihad CEO share Jet Airways revival plan

"In the last year the aviation industry has experienced extraordinary headwinds and challenges. Rising oil prices, a depreciating rupee and market saturation, among other things, have combined to critically impact the civil aviation sector as a whole," the statement said. "Some airlines have been hit harder than others; Jet Airways... being one of them."

Despite the problems, the airline did its best to serve passengers, the statement claimed.

"The airline’s flight cancellation rate in December 2018 stood at a mere 0.2 per cent, the lowest among Indian carriers which, in total, operate over 10,000 flights. In November, this stood at 0.5 per cent, which was still consistent with other Indian carriers. Technical Dispatch Reliability in 3Q 2018, meanwhile, stood at an impressive 99.52 per cent," it said.

"Jet Airways, its principal shareholders including Etihad Airways, and key financial stakeholders are working towards the finalisation and subsequent implementation of the Bank-led Provisional Resolution Plan (BLPRP), to ensure that the carrier emerges as a financially strong and resilient airline. The approval of the BLPRP by the Board of Directors of Jet Airways last week was an important step in this direction," it said.

"We are confident that once the BLPRP is finalized and implemented, Jet Airways will reemerge as a viable and robust airline to reclaim its rightful place as airline of first choice for its customers," it added.