Jet Airways, which is facing a severe cash crunch, defaulted on a domestic loan repayment in December.
"No sacrifice is too big for me to safeguard the interest of Jet Airways and the families of the 22,000 employees", Goyal said in the statement.
The government asked state-run banks to rescue this privately held airline.
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As part of the bailout plan, lenders will start a bidding process to sell their stake in the airline to a new investor.
Naresh Goyal has quit as the chairman of Jet Airways (India) Ltd, stepping down from the board of the airline he founded two-and-a-half decades ago, as part of a plan that involves lenders taking control of the carrier. 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. Many of its pilots and other support staff have also not been paid salaries for several months, according to media reports. The resolution plan, under the guidelines of Reserve Bank of India's "Revised Framework for Resolution of Stressed Assets", would require Naresh and Anita to step down from the board. But, if you get a cancellation message with more than three days left for the flight, Jet Airways has opened up a separate website to get you accommodated on another flight if possible. On that occasion, Abu Dhabi's Etihad Airways bought a 24 percent stake in the airline to keep it running.
Jet said its board has also approved the constitution of an interim management committee at the request of the lenders to manage and monitor the daily operations and cash flow of the company. "We urgently need to address structural challenges that make India's airlines uncompetitive to airlines around the world", he said.