At its peak, Jet operated over 120 planes and well over 600 daily flights. The airline, once India's largest private carrier, has been forced in recent weeks to cancel hundreds of flights and to halt all flights to overseas destinations.
The crisis at Jet, which owes vast sums to suppliers, pilots lessors and oil companies, has deepened in recent weeks as its lessors have scrambled to de-register and take back planes, in a sign the bailout plan had failed to assuage their concerns.
India's aviation regulator said on its website on Wednesday that lessors had applied to de-register another four Boeing Co 737 planes.
An analysis of the latest data disclosed by the Directorate General of Civil Aviation shows that Jet's lessors have, so far, sought to deregister and repossess at least 48 planes operated by Jet. Once deregistered, lessors are free to reclaim a plane and lease it to another airline.
The rapid exodus of planes risks further eroding value from the carrier, even as lenders scurry to find an investor willing to buy a majority stake in the debt-laden airline and attempt to turn it around.
Its lenders, led by SBI, have been seeking expressions of interest for an up to 75 percent stake in the airline. Initial expressions bids were submitted last week.
($1 = 69.4120 Indian rupees)
