News / Jet Airways CFO Amit Agarwal resigns for 'personal reasons'

Zee News : May 14, 2019, 10:00 AM

Debt-ridden Jet Airways on Tuesday announced that its CFO and deputy CEO Amit Agarwal has resigned from the company citing 'personal reasons'. "We wish to inform you that Mr. Amit Agarwal, Deputy Chief Executive Officer and Chief Financial Officer of the Company has resigned from the services of the Company due to personal reasons, with effect from 13 May 2019," Jet Airways said in a statement to the stock exchanges.

Jet Airways is running into a debt of more than Rs 8,500 crore and the airlines has shut down operations temporarily after lenders decided not to extend emergency funds for its survival. On Thursday, mortgage lender HDFC has put up the office space of Jet Airways for sale with a reserve price of Rs 245 crore.

The move is seen as an attempt by HDFC to recover its outstanding dues. "The borrower (Jet Airways) has failed to repay the amount (Rs 414.80 crore) due to HDFC Ltd. Accordingly, HDFC Ltd has become entitled to enforce its mortgage over the immovable property," HDFC had said in a public notice.