During the approach to East Midlands the pilots opened the throttle on the left engine to try and maintain speed. The excess fuel being pumped to the malfuntioning engine caused it to burst into flames and cease working completely. The Captain now realising the situation tried to restart the right engine by windmilling. The aircraft was now gliding, and only a few miles from the runway at East Midlands, the Captain kept the 737 airborne long enough to avoid a crash landing in the village of Kegworth by stretching the glide, but by now the aircraft was travelling dangerously slow and with a very high angle of attack. At 20:26 the aircraft hit tail first into a field before bouncing and coming to rest upon the embankment of the M1.
47 of the 128 people on board died, miracuously no one on the motorway was killed.




From Wikipedia:
Engine malfunction
It was discovered after analysis of the engine from the crash that the fan blades (LP Stage 1 compressor) of the uprated CFM56 engine used on the 737-400 were subject to abnormal amounts of vibration when operating at high power settings above 25,000 ft. As it was an upgrade to an existing engine, in-flight testing was not mandatory and as such, the engine was only ever tested in the laboratory. Upon this discovery all 737-400s (around 100 at the time) were grounded and the engines modified. Since the crash it has also become mandatory to carry out test at representative conditions for all turbofan engines, whether they are a brand new design or a major redesign.
This unnoticed vibration created excessive metal fatigue in the turbine blades and on G-OBME this caused one of the fan blades to break off and cause damage throughout the engine. This damaged the engine terminally and also upset its delicate balance, causing a reduction in power and an increase in vibration. The autothrottle attempted to compensate for this by increasing the fuel flow to the engine, however the damaged engine was unable to burn all the additional fuel, with much of it igniting in the exhaust flow, thus creating a large trail of flame behind the engine.
Aftermath
Evaluation of the injuries sustained led to considerable improvements in aircraft safety and emergency instructions for passengers. The official report into the disaster made 31 safety recommendations.
There is a memorial to "those who died, those who were injured and those who took part in the rescue operation", in the village cemetery in nearby Kegworth, together with a garden made using soil from the crash site.
Captain Hunt and First Officer McClelland were seriously injured in the crash, and were later dismissed following the criticisms of their actions in the AAIB report.
Click here for a video of the aftermath of the accident