[20] In 1997, the Cabinet Committee on Foreign Investment (CCFI) of the Government of India announced that foreign airlines would no longer be permitted to take an equity stake in joint ventures with Indian aviation companies, reversing the Government's earlier policy which had allowed carriers such as Gulf Air, Kuwait Airways and Lufthansa to hold a maximum 40% equity stake in their joint ventures with Indian partners.

[22][14] At the Paris Air Show in June 1999, Jet Airways announced an order worth approximately $550 million for ten Boeing 737-800 aircraft.

[24] Jet Airways suffered losses for the first time since its establishment in financial year 2001–2002 as demand fell and costs increased.

[32] The company's IPO in February 2005—which offered 20% of the airline's stock—saw strong interest from investors leading to oversubscription in retail, non-institutional and institutional tranches[33] and raised ₹18.9 billion, instantly making Naresh Goyal a paper billionaire.

[34] Towards the end of 2004, the government announced that privately owned scheduled carriers meeting certain criteria could operate to all countries apart from those in the Middle East.

[35] Thereafter, in January 2005, the Ministry of Civil Aviation granted rights to Jet Airways to operate services to London Heathrow.

[35] The airline started its first international, long-haul flight to London in May 2005[36] with two-class Airbus A340-300s sub-leased from South African Airways.

[62] In 2013, the airline lowered prices and entered into a fare war with low-cost carriers IndiGo and SpiceJet due to falling passenger demand.

[69][70] The airline announced on 11 August 2014 that it would phase out Jet Konnect by the end of the year as part of plans to reposition itself as a uniform full-service operator.

In March 2019, it was reported that nearly a fourth of Jet Airways' aircraft inventory was grounded due to unpaid lease rates.

[citation needed] On 5 April 2019, Indian Oil Corporation stopped supplying fuel to Jet Airways, citing non-payment of dues as the emergency funds have still not been credited.

[84][85] In 2020, entrepreneur Murari Lal Jalan and asset management firm Kalrock, part of the Fritsch Group, purchased Jet Airways with a view to restart air operations.

[86] It was expected that Jet Airways II would take to the skies in 2022 as a full-service domestic airline with a fleet of six aircraft.

[88] However, flights did not resume in 2022, and the company did not renew its air operator's certificate in 2023, leading to speculations that the resuscitation stalled.

The SC overturned the decision of the National Company Law Appellate Tribunal to transfer Jet Airways to the Jalan-Kalrock Consortium (JKC) and upheld the State Bank of India-led team of creditors' appeal that "the consortium had failed to meet the initial financial commitments required in the resolution plan.

"[12][13] The main institutional shareholders included Punjab National Bank (26%), Etihad Airways (24%), and Jet’s original promoters (25%), according to the analysis.

[92] The top and bottom of the aircraft were painted light grey, with the flying sun logo on a navy blue background.

[92] Jet Airways introduced its new identity in conjunction with a global brand re-launch that included new aircraft and seating arrangement.

[93] Subsequently, the Governments of UK and Singapore sought security-related information from the Ministry of External Affairs of India on Jet Airways; clearance was further delayed to fly to the US.

[94] In August 2014, two pilots of Jet Airways were suspended after a plane carrying 280 passengers dropped 5,000 feet (1,500 m) mid-air en route from Mumbai to Brussels.

Former African National Congress MP Vytjie Mentor alleged that members of the Gupta family had offered her the position of Minister of Public Enterprises on behalf of President Jacob Zuma, in exchange for her facilitating the cancellation of South African Airways’ India route so Jet Airways could take it over.

[101] Subsequently, in 2016, reports emerged that the initial investment for Jet Airways had come through shell companies based in the Isle of Man and was heavily funded by prominent figures in Indian organised crime.

[103] According to its website, in 2016, Jet Airways served 57 destinations—37 domestic and 20 international—across 15 countries in Asia, Europe, North America, and the Middle East.

[74] In 2008, the airline was forced to discontinue international routes due to losses sustained by the global economic downturn of 2007–08; it terminated services to San Francisco and Shanghai.

[117] Some news reports indicated that Jalan-Kalrock was in talks with aircraft OEMs (original equipment manufacturers) to place an order for at least 200 aircraft—a mix of small, medium, and large narrow-body jets—at the Paris Airshow in June 2023 as part of their five-year growth plan.