Jet Airways to suspend operations temporarily from tonight, last flight to take off at 10:20pm

An NDTV report citing sources said the last flight will take off at 10:20pm on Wednesday.

The airline, which is Rs 8,000 crore in debt, has failed to secure emergency funds from its lenders. In March, lenders had agreed on a Rs 1,500 bailout plan for the airline that has failed to pay salaries to its employees for the past three months.

Reports said today, the lenders did not agree to pay Rs 400 crore that the airline had sought the keep its planes in the air for now. The lenders continue to look for an investor that can take a majority stake in the airline and turn it around.

Aviation minister Suresh Prabhu had earlier in the say called a review meeting to discuss the Jet Airways situation an rising airfares from India because of the impact.

Jet founder chairman Naresh Goyal has already withdrawn from making a bid for a stake in the airline.

On Tuesday, the Board meeting of the Jet Airways with the SBI-led consortium, on releasing the funds for the airline, remained inconclusive.

Jet Airways CEO Vinay Dube in a letter to its employees said the airline has been working with the Indian lenders to provide all support, which may be required to keep the airline resurrect.

He said they have highlighted during the meet with the bankers, the urgent need of funding, which is critical for the continuation of the airline's operations.

Just a year ago, the airline operated around 120 aircraft.