Chief Executive Vinay Dube is expected to stay on board the 25-year-old airline Goyal set up with his wife in 1993.
As a result, the stake of promoter Goyal will come down to 25 percent from 50 percent, while Abu Dhabi's Etihad Airways, which had a 24 percent stake in the carrier, came down to 12 percent.
The lenders will also constitute and interim management committee, which will manage and monitor the daily operations and cashflow of the company. "There is no legal bar on anyone with a funding and revival plan in place".
Founder and chairman Naresh Goyal owns a 51% stake in Jet Airways, along with his wife, Anita, who is also on the airline's board. "No body is barred from bidding or taking over the airline as per the rule", he said.More news: UCF defeats VCU 73-58, first win in school's history
Former SBI managing director and ex-Jet Airways director Srinivasan Vishvanathan might be invited to join the top leadership of the company, the report added.
Meanwhile, there are also worries over 200 pilots of Jet may resign. His government urged state-run banks to rescue the airline without pushing it into bankruptcy, sources have told Reuters. Almost 23,000 of Jet's staff including pilots have been unpaid for over two months. It has also not cleared dues to lessors for the past few months. On the other hand, accepting an IndiGo package means the pilots will have to undergo retraining which may require them to sign a three-year bond to service the carrier, sources said. Following this, the lenders will start looking for a new buyer in the coming weeks.
The board decisions come as the full-service airline struggles to repay its debt of almost Rs 8,000 crore to banks led by State Bank of India. Shares of Jet Airways had jumped over 15% on the National Stock Exchange after the news reports, and closed the day at Rs 261 per share.