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She paid for the bill.Not because she’s my sugar momma but because she offered to ‘do her part.’The date was at a Mexican restaurant.I tried to speak exclusively in Spanish with the waitstaff. She was entertained by my efforts and so were the employees.It was our first dining experience together.The food was ok, the conversation never ended, and I accidentally pocketed 25 cents worth of gum on the way out from the front counter.Although the waitress put the bill on my side, I didn't get a chance to see it, she took care of it before that could happen.It was a nice gesture.

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Jet Airways was in a financial mess under previous owner Naresh Goyal who had practically taken Jet from a 4-plane fleet in the beginning to a ginormous 129-plane big boy growth over a period of 25 years. He managed to keep the airline afloat and at number one or number two positions at all times for the last 15 years or so, until about two months back when things just changed.Actually, the problem began around 2013 and it only aggravated thereafter. What happened after 2013?Basically, the expansion of no-frills airlines like Indigo and SpiceJet started to offer very cheap flights while maintaining very low operational costs. And, they expanded like crazy. They were spending less, charging less, earning thin margins, but making sure that all the customers would come to them.The result was Jet Airways began to lose its customers to Indigo and SpiceJet, especially to the former. Why? Because Jet had a luxurious vibe attached to it, was run on a costly operational base, and also involved high ticket prices. Even the low-cost ventures of Jet Airways, the Jet Konnect and Jet Lite were run on a high operational cost.So given it was losing market share, one day, Jet too started to lower its ticket prices without working on bringing down its operational costs.The result was more spending and lesser earnings. Gradually the earnings grew so less that Jet Airways was just managing to pay its debt instalments. Meanwhile, vitiating the situation was the problem that too many of its loans were maturing at the same or close period, leading to too much of funds being needed to pay off the growing size of instalments.However, Jet Airways just didn't have any extra money. And, thus followed its first ever loan default in 25 years, in December 2018.Adding to its woes and hitting the final nail in the coffin, the prices of the Air Turbine Fuel (ATF) rose as much as 9% in January 2019, leading to a sudden spike in operational costs. Keep in mind the thought that about 30-34 per cent of the net cost involved in flying a plane is the cost of fuel alone. So you can imagine the financial stress that must have suddenly appeared on the accounts of Jet Airways when fuel prices rose 9 per cent.Result?Further inability to service its loans. More trouble resulted as Jet delayed the salaries of its employees. Another first in 25 years. Then it started to delay paying for the aircraft which were not its own but it had been operating on a lease, which led to the true owners of those aircrafts taking back their planes. Thus, Jet started to even lose on its means to earn.Day after day it kept losing its planes, delaying salaries and defaulting on its loans, despite repeatedly trying to cut a deal with other players and stakeholders.Then began another problem as the ATF providers which the Jet Airways had not paid began to threaten that they won’t give any more fuel to the Jet’s planes. That would have been a disaster.Jet Airways founder and former chief, Naresh GoyalNaresh Goyal tried to cut a deal with its minority partner in Jet Airways, UAE’s Etihad Airlines. However, Etihad refused to any deal unless Naresh Goyal left. Goyal reportedly even approached the Tatas, Gautam Adani and also Mukesh Ambani. But, everyone refused to back him up.Then at last, State Bank of India (SBI) led consortium of lenders told him that they would pump in Rs 1,500 crore into Jet’s bank accounts to keep the airline afloat and pay the salaries of its employees until they find a new buyer, provided Goyal and his wife would transfer their majority shares to the banks and just leave the mess he had created. After a lot of parleys, with no alternative to keep the airline going, Goyal accepted the terms of the banks and left.It seemed like a new lease of life had been infused into the Jet. People were happy. Some older employees were even sad, given they had built the airline with Naresh Goyal as the leading patron. But nonetheless, with Rs 1,500 crore expected for Jet Airways, the months of due salaries was to find its way back into the pockets of the employees.There was a ray of hope now.Alas, it didn't last.SBI chairman, Rajnish KumarAfter Naresh Goyal having left, SBI just rescinded on its promise. It refused to infuse into Jet the Rs 1,500 crore it had said it would after his departure. So, the pilots and rest of the staff began to protest against the SBI, for having let go of Naresh Goyal, and of not taking care of the airline now that SBI had become the majority owner of Jet Airways. But, the SBI led by Rajnish Kumar didn't hear to any of their pleas.The Jet employees then asked for Rs 1,000 crore to keep the airline going with reduced operations. SBI refused. They then asked for Rs 750 crore to keep the airline going with even lesser operations. SBI refused again.Then days later, having run out of all the money in its accounts, Jet Airways shut down its operations entirely for the first time in its entire existence.As of this writing, four-six players, domestic and foreign, have evinced interest in buying the airline at huge discounts. The process is expected to be over by May 2019 end (if all goes well and as planned).The aghast and hapless Jet employees then asked for Rs 175 crore to at least pay the unpaid employees a month of salary until a new buyer would be found. SBI refused to that as well.And, that's how we reached the present.The now. The ugly, messy now.Do you know how many people the Jet Airways employed?Some reports say 16,000.Some say 20,000.Some say 21,000.Some say 22,000.Whatever the right figure maybe, these many people have not been getting any salary for months now, and their future remains uncertain. Maybe the new buyer won't even take back all the employees. What would happen then to the folks who would be left unemployed after receiving no salary for months? There is no answer to that.They have families to run without any salaries; children whose schools are demanding fees which they don’t have means to pay for; old parents who are ill and need costly medicines which these employees are just incapacitated to buy.Who is responsible for the uncertain and volatilities that these hapless employees have been battling?Many assert that it's the fault of these 20,000 or whatever employees to have stayed in Jet Airways despite knowing that the airline had been mired in a financial mess and was in deep troubles.They could not have been more wrong. Reasons?Employees didn't leave because despite the financial mess, until two months ago Jet Airways remained the second biggest airline in India. No one expected it to go belly up overnight the way it did. No one expected that even a month ago.Even after Naresh Goyal left, employees remained in the organisation because SBI-led consortium of lenders had promised Rs 1500 crore interim funding to keep the airline afloat until a new buyer was found. how were the employees supposed to know that the SBI would rescind on its promise?Also, the employees remained in the organisation because the airline had survived for 25 years despite numerous ups and downs, and because no one could have expected that Jet Airways would shut down until it ultimately did. People did expect the owners and management to change, but no one expected the shutdown. No effing one!Now a very important question arises.Why did SBI takeover Jet and let Naresh Goyal go away from the mess he created, when SBI had no plans to keep the airline going?There is no answer from SBI about it.So, who is to be blamed?You decide. For me, its SBI. Period.I hope this answer adds some perspective to the extant discourse on this subject.Note: My book ‘Redemption of a Son’ is available exclusively on Amazon.Signing off,Shilanjan