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Jet passengers are now stressed over their canceled pre-booked tickets for their summer holidays and the money they would lose. The reason is Jet has been canceling many flights on a daily basis, but it also levies the steepest cancellation fee in the industry.
While the government has allowed Jet to cancel any number of flights with impunity, if a passenger decides to cancel a ticket given Jet’s unpredictability, the airline will charge them a steep cancellation fee that can go up to Rs 4,600 for an economy class ticket.
At present, Jet Airways operates about 120 daily flights, which is about one-sixth the number of flights it operated at its peak, say industry sources. Most Jet passengers aren’t told whether their flight will be operated or canceled until the last 72 hours or so.
Whereas, Jet Airways also plans to sell its stake in the airline through an open auction process over the next two months, seeking maximum value for the asset.
In the meantime, the consortium led by State Bank of India will provide emergency funding of around Rs 1,500 crore to bring operations back to normal, in phases.
A senior executive of a large public sector bank said this is a transitory arrangement in which the lenders will acquire control, run the process of transparent bidding, and receive final bids by the end of April.
A Jet Airways spokesperson said, “Guests opting for voluntary cancellations are subject to appropriate charges in line with appropriate fare rules and the airline’s policy.”