New Delhi, Mar 18 (UNI) Cash stripped airline Jet Airways on Monday grounded four more planes and announced delay in interest payment of its debt due to financial constraints.

The airline has to made interest payment of its mounting debt of Rs 8,200 crore by March 19, 2019.

“Further to our letter dated 27 February, 2019, informing next date for payment of interest to the Debenture Holder, we now write to inform you that the payment of interest due on 19 March, 2019 to the Debenture Holder will be delayed owing to temporary liquidity constraints,” the airline said in a BSE filing.

The debt-ridden airline has also grounded four more planes, taking the number of grounding planes to around 50 due to non-payment of lesase rentals.

The Company said it is also making all efforts to minimize disruption to its network due to the grounding of planes and has been informing and re-accommodating its passengers. “The Company also continued to provide required and periodic updates to the Directorate General of Civil Aviation in this regard,” it added.

The airline has been facing tough situation as a mounting debt of around Rs 8,200 crore is looming large over it. Besides this, the airline is forcing to ground aircraft, cancel flights in large numbers, shutdown stations and delay salary payments to its pilots and engineers.

The Jet Airways board had on February 14 approved a bailout plan whereby the lenders led by the State Bank of India (SBI) would become the largest shareholders in the airline by converting the airline's debt into equity at a nominal price of Re 1. The bailout plan was approved by the shareholders on February 21.

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