Jet Airways has assured stakeholders that it has met all its loan repayment obligations and is on track to reduce overall debt.

“We are regular in all our payment obligations to all our banks and statutory dues, including PF obligations. Our accounts with all the banks as on date are “standard”,’ said a Jet Airways spokesperson.

“We have had scheduled amortisations in the past so many years and the company has met its repayment obligations all the time. This is evident by the reduction in the overall debt by ₹3,000 crore in the last three years,” the spokesperson added.

Cost initiatives

The airline said it has been continuously working on various cost and revenue initiatives to mitigate the impact of an increase in fuel rates and depreciation in rupee, as there has not been any corresponding increase in fares.

The company has been under the spotlight ever since media reports claimed that the airline had requested pilots to take a pay cut as part of the overall cost reduction exercise.

Talks with stakeholders

“The company has been in dialogue with all its key stakeholders – internal and external. The dialogue with employees, has been to apprise them of the challenges being faced by the aviation sector in India and by the Company in particular, with an intent to enlist their full support and cooperation for realising necessary savings across all business functions,” the company said in a statement issued on August 3.

Last week, the company did not announce its quarterly results.

“The audit committee did not recommend financial results to the board for its approval, pending closure of certain matters,” the airline had said in regulatory filing without offering more details. The NSE and the BSE have sought details of Jet Airways’ board meetings and factors leading to the decision to defer the announcement of June quarter results.

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