Indian carrier Jet Airways’ board has approved the resignation of founder and chairman Naresh Goyal, the most significant of three directors who are stepping down from the troubled company.

Goyal’s resignation was proposed and accepted during a board meeting held on 25 March, the airline states.

His wife Anita Goyal and Etihad Airways representative Kevin Knight are also standing down as directors.

The board had been considering a resolution plan put together by a consortium of domestic lenders, led by State Bank of India.

Along with the directors’ resignations, and Goyal’s giving up the chairmanship, the plan encompasses conversion of debts into shares in the airline, and immediate funding support of up to Rs15 billion ($218 million).

It also involves establishing an interim management committee to monitor and oversee the daily operations and cash-flow of Jet. These measures have been approved by the board, says Jet.

Source: Cirium Dashboard