Mumbai, May 9 (IANS): In what seems to be suggesting the airline's revival remains a far-fetched possibility, Jet Airways' Whole Time Director Gaurang Shetty has decided to move on from the company as his resignation has been approved.

Shetty has been an old-timer and held many senior positions in the company before being appointed as director on the Board.

"Gaurang Shetty, Whole Time Director, vide his letter dated 23rd April 2019 submitted his resignation as a Whole Time Director of the Company and from his employment with the Company with immediate effect," Jet Airways said in a statement.

Shetty's resignation has come at a time when the airline's lenders are making all-out attempt to revive the carrier and has started the stake sale process.

Ever since Jet Airways ceased its operations entirely last month, there has been mass exodus from the company with hundreds of pilots, engineers and technicians joining rival aviation companies.