India's largest airline Jet Airways has temporarily suspended all flights after failing to raise enough money to run its services.
The airline said its last flight would operate on Wednesday as it was unable to pay for fuel and other critical services to keep operations going.
The company said it has been informed by its lenders, led by state-run State Bank of India, that they are unable to consider a request for funding to keep flying.
In a statement on Wednesday the airline said it had been forced to ground all its flights "since no emergency funding from the lenders or any other source is forthcoming".
Jet Airways' last flight was scheduled to fly to New Delhi from the northern Indian city of Amritsar on Wednesday night.
On Tuesday, Jet Airways' former chairman, Naresh Goyal, reportedly withdrew plans to bid for a controlling stake in the company.
Mr Goyal founded Jet Airways in 1992 and saw it soar to become India's largest airline.
Creditors of the beleaguered airline have said they are "reasonably hopeful" a bidding process with potential investors for a controlling stakein the airline will save the company.
A consortium of 26 lenders led by the State Bank of India released a statement on Thursday following the cash-starved carrier's decision to suspend flight operations.
Jet Airways pilots have complained that they have not been paid in four months. They say 20,000 jobs are at stake.
Shares in the Mumbai-based airline plunged 30.2 per cent in intraday trading on the Bombay Stock Exchange.
Travel agents in New Delhi said the suspension of operations is affecting prices and availability of flights in and outside of India.
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