You may have heard that Jet Airways has run into financial troubles and has cancelled all its flights. If you were among the unlucky people who booked a Jet Airways flight that is cancelled, then you might be in a tough spot. It seems that you are unlikely to receive the refund of your cancelled Jet Airways flight soon.
Even if you booked using an OTA like MakeMyTrip, ClearTrip, Yatra etc., your refund would not be processed soon. Reason being that passengers can be provided refund only if the airline processes the same. Because, OTAs just have a margin of 5-7% on Airtickets, rest of the money goes to the airline. Additionally, OTAs can still refund the money of cancelled tickets for a particular airline if the booking amount received on a particular day is higher than the cancellation amount. They basically adjust the cancellation amount for the day with booking amount for the day. However, in this case there are no bookings happening for Jet Airways, hence OTAs cannot refund.
At this point Jet Airways has zero cash reserves and hence they cannot refund your money. The airlines had written to PMO, Finance ministry and Ministry of Civil Aviation asking for an emergency fund of Rs. 400 Crore from banks. Unless, Jet Airways gets the emergency fund, it is unlikely that passengers will get a refund of cancelled Jet Airways flight tickets.
As far as the JP miles are concerned, for now, Jet Airways has assured its customers that miles are safe and can be used on partner airlines.
Update: Jet Airways has issued an update on refund, see below