Struggling with a debt of more than $1.2 billion, Jet Airways owes money to lessors, suppliers, pilots and oil companies.
Grounded carrier Jet Airways' deputy chief executive and chief financial officer (CFO) Amit Agarwal has resigned, the airline said on Tuesday.
Out of four shortlisted suitors, only Etihad Airways has submitted a non-binding bid for cash strapped Jet Airways, sources privy to the developments told CNBC-TV18.
Agarwal's resignation is effective from May 13, it said. Lenders to beleaguered Jet Airways are reportedly disappointed by the Gulf carrier's bid and do not have a lot of hope for Jet's revival.
Late on Tuesday, the company said that Kuldeep Sharma, who was its company secretary and compliance head, has also stepped down with immediate effect. Reuters was unable to confirm the report. "Considering the kind of bids that have come in and the monetary value of those bids, it seems like it is too little".
Etihad Airways, which holds 24 percent stake in Jet Airways, in an email to CNBC-TV18 confirmed its bid, "Etihad has been working consistently with key stakeholders in India over the past 15 months to help find a solution which would ensure Jet's return as a viable and competitive Indian airline, and continues to do so".
"Etihad re-emphasises that it can not be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet Airways' required recapitalisation", Etihad spokesperson said.
Agarwal resigned due to personal reasons and his resignation is with effect from Monday, the airline said in a statement. Agarwal had been acting as CEO during that time.
Jet's shares closed 7.33% lower at 128.9 rupees on Tuesday, while the broader Mumbai market closed 0.66% higher.