At stake are 23,000 jobs and the failure of the carrier comes at a politically sensitive time as the country is in the midst of a general election. Only last month the Indian government stepped in with the resignation of the carrier's founder, Naresh Goyal, stepping down as chairman, asking public-sector banks to rescue Jet Airways, though with little success. Goyal currently holds a 52 percent majority stake in Jet Airways, but this is likely to be lost in any debt restructure deal.