Four top executives of Jet Airways - CEO Vinay Dube, CFO Amit Agarwal, Chief People Officer Rahul Taneja and Company Secretary Kuldeep Sharma - quit the airline on Tuesday even as its lenders continued to hunt for a new investor with the spectre of two regulatory probes casting a shadow over its future.
Faced with salary delays and uncertainty over revival of the airline, thousand of Jet Airways employees, especially pilots and engineers, have left the company to join rival carriers.
Jet, once the biggest private carrier in the country, owes vast sums to its lessors, employees, fuel suppliers and other parties.
Jet, also saddled with roughly $1.2 billion in bank debt, was crippled by mounting losses as it attempted to compete with low-priced rivals Interglobe-owned IndiGo, SpiceJet Ltd and Wadia Group-owned GoAir. Earlier in the day it had similarly announced Agarwal's resignation. Reuters was unable to confirm the report.
For months, Jet has tried to convince investors, including Etihad, to pump in money and save the airline.
It is under the management control of State Bank of India-led consortium of lenders following a debt-restructuring plan.
"It was long expected that Jet will eventually shut down and I think now that's coming to fruition".
Jet and SBI were not immediately available for comments. He joined Jet Airways in August 2017. Both Dube and Agarwal resigned due to personal reasons with immediate effect, the airline said in a statement.
Etihad Airways, which holds 24 percent stake in Jet Airways, in an email to CNBC-TV18 confirmed its bid, "Etihad has been working consistently with key stakeholders in India over the past 15 months to help find a solution which would ensure Jet's return as a viable and competitive Indian airline, and continues to do so".
During the period Agarwal officiated the position as acting CEO.