Jet Airways is suspending flight operations after failing to secure emergency funding to continue operations.
In an update to the Indian stock market, the carrier confirms that it has cancelled all domestic and international flights after today.
It says it took the decision after being informed by the State Bank of India that its consortium of lenders had turned down a request for "critical interim funding".
Without such funding, the airline admits, it is not able to pay for the fuel or "critical services" required to sustain operations.
It notes that it undertook a "painstaking evaluation" of all alternatives available and took guidance and advice from its board of directors.
The airline had already suspended international flights until 18 April as an interim measure.
"Over the last several weeks and months, the company has tried every means possible to seek both interim and long-term funding. Unfortunately, despite its very best efforts, the airline has been left with no other choice today but to go ahead with a temporary suspension of flight operations," it says.
Jet Airways adds that it will now "await" the bid process that SBI and its lenders are pursuing in an effort to find new shareholders. This will conclude on 10 May.
The airline vows continue to its support for the process, and expresses its hope that it will be able to bring the "joy of flying back to its guests as soon as possible".