CMD Air India Ashwani Lohani Says Jet Closure, Setback to Indian Aviation

New Delhi [India] Apr 17, (ANI): The temporary closure of Jet Airways is a setback to Indian aviation," Air India Chairman and Managing Director Ashwani Lohani on Wednesday said. "It is indeed a sad day for all those in the business of flying in the country to witness a fine airline closing shop" he added.Earlier on Wednesday, Jet Airways cancelled all flights, including its international flights temporarily after failing to secure emergency funds from its lenders, according to a statement by the airlines.Recalling the failure of many Indian airlines in the past, Lohani said in a Facebook post: "It is time to appreciate that razor thin margins which airlines are forced to operate within a competitive environment, results in a scenario that encourages un-sustainability."While apportioning the blame to sustained mismanagement at the hands of the management of the airlines, Lohani said, "Mismanagement definitely contributed but the fact remains that in the entire aviation eco-system, it is the airline that invariably remains at the receiving end while all other stakeholders make money."Such issues have no easy solutions, yet a solution would need to be found, he added.The embattled airline said it took the decision to cancel temporarily all its flights after State Bank of India (SBI) on behalf of a consortium of Indian lenders informed on Tuesday night, that they were unable to consider its request for critical interim funding."Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going. Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today," Jet said in a statement. (ANI)

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