Struggling Jet Airways is likely to finalise a resolution plan with its lenders this week and founder and chairman Naresh Goyal is likely to step down from the board, giving up majority control, three banking sources familiar with the matter told CNBC-TV18.

Goyal would trim his 51 percent stake to 20-25 percent and agree to voting rights on his stake being capped at 10 percent in a bid to save the debt-laden carrier, they said, asking not to be named.

CNBC-TV18 on January 9 reported that a resolution plan was in the works with lenders mulling restructuring debt, which would result in Goyal losing majority stake in the airline.

Shares of Jet Airways jumped over 18 percent on Monday after the CNBC-TV18 report.

The final contours of the resolution plan will be signed by the lenders after their meeting this week, the sources said, adding that banks had asked the current promoters to bring in funds as part of the restructuring plan under discussion.

Etihad Airways will likely bring in fresh funds that will see its stake go up from 24 percent held currently, they said. As per the current norms, foreign airlines are allowed to invest up to 49 percent stake in domestic airlines. Etihad Airways' fund infusion into the company will also likely trigger an open offer for Jet Airways, according to the sources.

Naresh Goyal's son Nivaan Goyal may replace him on the board, said a banker who is aware of the development.

As per ICRA's report, Jet Airways has large repayments due until March to the tune of Rs 1,700 crores and further Rs 2,445 crore by FY20 and Rs 2,168 crore by FY21.

Under Reserve Bank of India's (RBI) February 12 circular, banks will have to approve a resolution plan for the company within 180 days starting the first day of delay in payment, which is January 1, 2019 in the case of Jet Airways, failing which the company will have to be sent to the bankruptcy court under Insolvency and Bankruptcy Code (IBC).

State Bank of India, Jet Airways and Etihad Airways are yet to respond to CNBC-TV18's query on the matter.

First Published:Jan 14, 2019 3:58 PM IST