Rs 1500 crore would be infused by lenders consortium lead by the State Bank of India, earlier smaller PSU banks in consortium were unwilling but now they have agreed to pour in money.
Jet Airways' Chairman Naresh Goyal and his wife will step down from the airline's board.
According to Zee Media sources, the board wanted Naresh Goyal, Wife Anita Goyal, whole time member Gaurang Shetty and Naseem Zaidi to quit, in return of which it would agree to infuse Rs 1500 crore as emergency funding.
Rs 1500 crore would be infused by lenders consortium lead by the State Bank of India, earlier smaller PSU banks in consortium were unwilling but now they have agreed to pour in money. The airline might get the emergency funds within a week.
Meanwhile, a senior government official Monday told PTI that a "good outcome" from the negotiations between the creditors and the company would be better than moving for proceedings under the insolvency law.
Goyal's stake will be cut to 25.5 per cent from the current 51 per cent, while Etihad Airways' stake in the debt-laden carrier will also be halved to 12 per cent to make room for the banks to take a controlling stake of 50.5 percent in the airline, according to some media reports.
Saddled with debt of more than $1 billion, Jet owes money to banks, suppliers, pilots and lessors - several of whom have started terminating leases with the carrier.
The government has asked state-run banks, led by SBI, to rescue Jet without pushing it into bankruptcy, two people within the Indian government have told Reuters that Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election.
The reports of Goyal's departure led to a rally in Jet's shares of more than 12 percent.
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 "Jet Airways: Chairman Naresh Goyal quits")
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