Jet Airways has suspended all international flights until 15 April.
In a statement confirming the suspension, the Indian carrier says its management, key stakeholders and consortium of lenders continue to "work closely towards resolving the current situation".
It also apologises for the inconvenience caused to its passengers and urges them to get in contact to arrange a refund or to rebook on alternative flights.
The Mumbai-based carrier had earlier on 11 April disclosed that 10 more of its aircraft had been grounded due to lease-payment defaults.
Also on 11 April, India's aviation minister Suresh Prabhu tweeted that he had directed civil aviation secretary Pradeep Singh Kharola to review the "issues" at Jet Airways and asked him to take "necessary steps to minimise passenger inconvenience and ensure their safety".