The carrier had 10 more of its aircraft grounded by its lenders as the company has been unable to find alternative means of funding its operations.
The airline operated daily services to London and Manchester from Mumbai and Delhi.
Around 80% of its fleet of 120 aircraft had already been seized as the company struggled to find buyers willing to take on more than £900m in debt it owes to multiple banks.
India’s aviation minister Suresh Prabhu confirmed that the airline has sufficient funds to operate only 6-7 aircraft until 15 April.
Media reports suggest the Indian prime minister’s office has called for an urgent meeting to discuss issues with Jet Airways and its lenders.
Prime Minister Narendera Modi is wary of any job losses having a negative impact on the general elections currently taking place in the country.
Jet Airways had more than 15,000 employees a year ago.
Alana Gomez, spokesperson for flight comparison site Jetcost.co.uk said: “Whilst the airline is still seeking financial aid and is yet to announce that it has gone bust, the outlook really doesn’t look positive, with calls to the customer line not getting through, thousands of passengers left without travel and staff & suppliers not being paid – among other issues.”
Lenders, led by government-owned State Bank of India, are looking for investors to buy a 75% stake in the airline by the end of Friday. UAE-based Etihad Airways owns 24% in the company.
The 25-year old carrier is set to receive $217m (£166m) from its lenders to keep its current operations running, but lessors have reclaimed many of the aircraft by de-registering and flying them out of the country.
Fuel suppliers have also begun demanding stringent terms on their contracts, piling additional pressure on Jet.