Jet Airways chairman Naresh Goyal, and his wife Anita Goyal, stepped down from the airline’s board on Monday, 25 March, to allow the board to move ahead with a debt recast plan for rescuing the carrier he founded in 1993.

Goyal will cease to be the chairman of the airline. According to the statement, the board has also approved immediate funding support of Rs 1,500 crore by lenders via debt.

This development comes after the airlines had to ground majority of its fleet due to unpaid dues. Lender wanted Goyal to step down to allow fresh funding for the beleaguered airlines.

The first signs of cash crunch emerged in August last year, and the situation only worsened.

Here is a lowdown of how things went south for Jet Airways: