The airline's CEO Vinay Dube will continue in his position and has been tasked with guiding the company out of the crisis situation.
While Jet stocks zoomed after Goyal's exit, banks now have a huge challenge to infuse funds to the ailing airline and also to find a new buyer for it within the next few months.
The reports of Goyal's departure led to a rally in Jet's shares of more than 12 percent.
Soon after Goyal stepped down from the airline's board, Jet stocks jumped over 13 per cent.
As part of the resolution plan, lenders will provide an immediate funding support of Rs 1,500 crore by way of debt instrument against security of its assets which will restore normalcy to company's level of operations, the filing added.More news: Priyanka Chopra Addresses Meghan Markle Feud Rumors
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Meanwhile, Corporate Affairs Secretary Injeti Srinivas said a "good outcome" from the negotiations between the creditors and the company would be better than moving for proceedings under the insolvency law, a PTI report said. The airlines have promised the pilots a base city of their choice, apart from a two-month base salary as a joining bonus, they said. "I think creditors and the debtor are in discussions". But, if you get a cancellation message with more than three days left for the flight, Jet Airways has opened up a separate website to get you accommodated on another flight if possible.
The board decisions come as the full-service airline struggles to repay its debt of almost Rs 8,000 crore to banks led by State Bank of India.
Referring to the latest developments, Singh, who is the Chairman and Managing Director of budget carrier SpiceJet, also said it was a wake-up call for the country's policymakers to address structural challenges that is making domestic airlines uncompetitive.
As per ICRA's report, the airline has large repayments due in March to the tune of Rs 1,700 crores and further Rs 2,445 crore due in FY20 and Rs 2,168 crore due in FY21. And the key input cost - aircraft fuel expenses jumped 29.8 percent y-o-y to Rs 2,387.7 crore in the December 2018 quarter, and the resulting weak financial performance of the company.