State Bank of India, which heads a lenders' consortium now in charge of the airline, has given Jet until Monday to submit an operations plan before it considers a US$145 million (RM596.6 million) cash injection.
Troubles at Jet Airways mounted on Friday, prompting the Prime Minister's Office to hold an urgent meeting as the carrier's fleet dropped to a mere 11 and it made a decision to extend its cancellation of global operations till Monday.
Earlier in the day, the Guild, which has about 1,100 pilots as its members, chose to stop flying from April 15 in protest against non-payment of salaries for months.
There is a critical meeting tomorrow with airline management and SBI.
Jet has "suspended" all flights to South and Southeast Asian nations as well as services from Chennai to Paris and Toronto, it said in a statement. It also announced the resignation of one of its independent directors, Rajshree Pathy, from the company for other commitments.
The airline will create appropriate security over the company's assets for securing the existing facilities extended by the lenders and the proposed immediate funding support of up to Rs 1,500 crore by way of an appropriate debt instrument.
The Monday meeting with lenders is reportedly expected to take a final decision on the quantum of funds to be infused immediately to avert a possible shut down.
"Jet Airways has now suspended operations to SAARC and ASEAN destinations, as well as to Toronto and Paris from Chennai and back", the airlines said in a statement.
The employees also demanded to know the future course of action to revive the debt-ridden airline.
Founded in 1974, Jet Air was a powerful General Sales Agents (GSA) that represented as many as 17 global airlines before it spawned Jet Airways in the 1990s.
Passengers have been left stranded and on Friday airline staff protested at Mumbai's airport. The pilots, engineers and cabin crew of the airlines assembled at the headquarters on Monday morning to show their solidarity.
The government held a crisis meeting Friday, which was the deadline for prospective bidders to express an interest in acquiring a 75 per cent stake in the beleaguered airline.