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Jet Airways Chairman Resigns After Two-Thirds of Fleet Grounded

  • Under pressure, Goyal steps down as chairman of Jet Airways
  • Resignation paves way for creditors to overhaul carrier
Naresh Goyal
Naresh GoyalPhotographer: Jasper Juinen/Bloomberg
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Naresh Goyal, a former ticketing agent who went on to build one of India’s biggest airlines, has stepped down as chairman of cash-strapped Jet Airways India Ltd. after caving in to pressure from creditors.

Jet’s board approved the resignation of Goyal, 69, and his wife Anita, the second-biggest full-service airline in India said in a filing Monday. Banks, which will get 114 million new shares in the company, will provide the carrier with an immediate funding of as much as 15 billion rupees ($218 million) in debt.