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Jet Airways' Crisis Worsens In India

Jet Airways

India's government has called for an emergency meeting as the crisis at India's Jet Airways deepened.

Cash-strapped Jet Airways seems to be headed towards more turbulence angry passengers demanded refunds and pilots threatened to go on strike over unpaid salaries.

Jet, which employs more than 20,000 people, has now been forced to ground a total of 78 of its 119 aircraft after failing to pay lenders and aircraft lessors. Moreover, around 260 of its pilots have applied to join SpiceJet.

Having a debt of more than $1 billion, the Indian carrier has delayed payments to banks, suppliers, pilots, and lessors - some of whom have started canceling their lease deals with the airlines.

Jet currently has 1,900 pilots on its rolls. This is now being looked by all other domestic airlines, especially those who are looking at international expansion.

Jet is currently operating only 41 aircraft, just a third of its original fleet, the aviation regulator, the Directorate General of Civil Aviation (DGCA), said in a statement, adding that the situation is fluid and the airline may be forced to reduce its fleet further in coming weeks.