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Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai November 29, 2017.

Saddled with a debt of over $1 billion of debt, Jet Airways has been struggling to stay afloat. "No body is barred from bidding or taking over the airline as per the rule", he said.

Goyal's departure, however, could reignite investor interest in India's oldest private airline. So, if you are jet passenger and want to cancel your flight or want to get refund here are the steps to follow.

The government has asked state-run banks, led by SBI, to rescue Jet without pushing it into bankruptcy, two people within the Indian government have told Reuters, adding that Prime Minister Narendra Modi is seeking to avert thousands of job losses weeks before a general election.

According to Reserve Bank of India (RBI) regulations, lenders must resolve cases pertaining to defaulting companies such as Jet Airways within 180 days of their first default.

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Jet will use the money to partly clear dues owed to lessors, vendors, creditors and employees in a phased manner, the airline said in a separate statement. Once that is done, the banks are expected to offload their stakes. "I am happy with this decision", he said here.

Lenders to undertake a bidding process for its shares.

Consortium of lenders led by the SBI has agreed to put in Rs 1,500 crore immediate funding by acquiring 51 percent stake in the company through issue of Rs 11.4 crore fresh shares. Jet's shares rose nearly 13% following the news of Goyal's exit.

Shares of Jet Airways jumped over 15 percent on the BSE to end at Rs 260.

"It could be financial investor, it could be airline.including Naresh Goyal himself or Etihad". The resolution plan, under the guidelines of Reserve Bank of India's "Revised Framework for Resolution of Stressed Assets", would require Naresh and Anita to step down from the board.