Troubled Jet Airways India Ltd. missed a $109 million loan repayment due to HSBC Bank this week, people with knowledge of the matter said. The money was due on March 28, and was part of a two-tranche facility totaling $140 million that the company took from HSBC in 2014, according to the people, who asked not to be identified because the details are private, Bloomberg News reported. Jet had also missed payment on the other $31 million tranche that was due on March 11, and hasn’t repaid any of the loan, the people said.

During the 1990s, as their Essar group rolled out big investments in oil and steel, Shashi and Ravi Ruia exemplified a hard-charging generation of Indian businessmen riding a wave of liberalising reforms, the Financial Times reported in a commentary. In the next decade, the billionaire brothers became archetypes of a different sort. After a series of debt restructurings, they came to symbolise the impunity of Indian “promoters”, or controlling shareholders, who clung to control of their ailing businesses while persuading lenders to take heavy losses.

Cash-strapped Jet Airways Ltd on Monday took major steps towards closing a rescue deal with its lenders, with Chairman Naresh Goyal and his wife stepping down from the airline’s board, Reuters reported. Laden with debt of more than $1 billion and faced with an evaporating market value, Jet is banking on a bailout by its lenders as it became unable to pay banks, suppliers, pilots and lessors - several of whom have started terminating leases with the carrier.

A group of Indian state-run banks want Jet Airways’ embattled founder and Chairman Naresh Goyal to reduce his stake in the carrier to 10 percent, news channel CNBC-TV18 reported on Thursday, quoting sources, Reuters reported. “Banks want Goyal to bring his stake down to 10 percent, below the 17 percent envisaged in the bank-led provisional resolution plan (BLPRP),” sources told CNBC-TV18. The state-run banks are also pushing Goyal to step down, CNBC-TV18 added.

When India’s shadow lenders sneeze, lots of others catch a cold. Debt concerns have pushed funding costs for non-bank financing companies to multi-year highs in recent weeks, Bloomberg News reported. That’s bad news for all the borrowers who rely on the lenders in the world’s fastest-growing major economy -- from poor entrepreneurs getting micro loans for food delivery businesses to property tycoons looking to roll over debt that fueled a construction boom. Read more on that here.

State Bank of India’s (SBI) chairman said on Wednesday that putting Jet Airways into bankruptcy is the “last option” and that its lenders are making every effort to keep the airline flying, Gulf News reported. “We believe that it is in everybody’s interest that Jet Airways continues to fly,” SBI chairman Rajnish Kumar told reporters after a meeting with government officials, adding that placing Jet into bankruptcy would mean grounding the airline.

In a related story, the International New York Times reported on a Reuters story that India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters. The finance ministry has in the past year sought regular updates from the banks, led by State Bank of India (SBI), on Jet's financial health, the people said.

Jet Airways India Ltd., once India’s second-biggest airline, is flying just about a third of its fleet because its inability to pay lessors is grounding aircraft, Bloomberg News reported. The number may drop further, the nation’s airline regulator said. The company has 41 planes available, according to a statement released by the Directorate General of Civil Aviation after it reviewed Jet Air’s performance in New Delhi Tuesday. The beleaguered airline, which has a fleet of 119 as per its website, has been forced to ground planes as it awaits restructuring of its debt.

Asia’s richest man Mukesh Ambani has helped his younger brother avert a stint in jail, stepping in to make an $80 million payment for his sibling whose telecom-to-infrastructure empire is struggling with debt, Bloomberg News reported. The embattled former billionaire, Anil Ambani, thanked his brother Mukesh and sister-in-law after Anil’s Reliance Communications Ltd. completed the required 5.5 billion rupee ($80 million) payment to a local unit of Ericsson AB for past maintenance services provided to his group.

Jet Airways Ltd said here on Monday it has grounded four more planes and would delay paying interest on maturing debt in a fresh sign of deepening liquidity crisis engulfing the Indian carrier saddled with over $1 billion debt, Reuters reported. India's second-largest carrier has delayed payments to its pilots, suppliers and lessors for months and defaulted on loans, as it battles intensifying competition, a weak rupee and rising fuel costs. The airline said it will delay paying interest to its debenture holder, due March 19, owing to financial constraints.