The liquor baron also said it is "sad" that so many airlines in India have "bitten the dust". Tonight 9W-2502 (Amritsar-Bombay-Delhi) will be last flight of beleaguered airline before a temporary closure.
"This has been a very hard decision but without interim funding, the airline is simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of its guests, employees, partners and service providers", Jet said in the statement.
"Will the money come, or will we shut operations by end of the day?" - the question hangs heavy in the air at Siroya Centre, the Mumbai-based headquarters of Jet Airways.
The airline said it has informed the Directorate General of Civil Aviation and the Ministries of Civil Aviation and Finance and other government institutions about its decision.
In a statement the airline said it had been forced to ground all its flights because "prolonged and sustained efforts with lenders and authorities did not yield the desired results". On Wednesday, the Jet Airways website listed only 37 domestic flights and had an additional nine-page list of canceled flights, saying that the schedule was impacted by "operational reasons".
Jet Airways will operate the last flight on Wednesday as it cancels all its global and domestic flights, the airline said in a statement.
Dube, in a letter to employees late on Tuesday that was seen by Reuters, said Jet has stressed to its lenders the need for urgent funding, critical to the continuation of its operations.
The SBI-led consortium is looking for a buyer for Jet and a deadline passed on Friday for prospective bidders to express an interest in acquiring a 75% stake in the carrier.
Embattled Jet Airways said on Wednesday it was halting all flight operations after its lenders rejected its plea for emergency funds, potentially bringing the curtains down on what was once India's largest private airline. The bid documents inter alia has solicited plans for a quick revival of the company. "We are actively working to try and ensure that the bid process leads to a viable solution for the company".
Jet will be the seventh airline to go down since May 2014 and the 13th one after East West was shuttered. The lenders were due to provide an "immediate interim funding support of INR 1500 crore" (approximately $216 million) to the ailing airline, but there a little signs that the promise was kept.
Earlier on Monday, Jet Airways' pilots appealed to the SBI to release Rs 1,500 crore for the airline.