Of the four Expression of Interests (EoIs) received by lenders, only Etihad Airways is expected to submit its bid for Jet Airways before the 6pm deadline on May 10.
The other bidders, TPG Capital, Indigo Partners and the government backed National Investment and Infrastructure Fund (NIIF), may not go ahead with their submissions.
SBI Capital Markets, which has been given the mandate to oversee the stake sale process for Jet Airways, has also received bids from interested parties as well.
“Two unsolicited and one is expected,” Rajnish Kumar, chairman State Bank of India (SBI) said in an earnings conference on May 10.
However, these bids may not be considered at the moment for want of proper due diligence.
Kumar said that typically recoveries expected from accounts in the service industry are mostly nil owing to the lack of assets, and the best option is to work out anything outside of the insolvency framework.
Any bidder will have to come with considerable funding as the airline owes Rs 8,000 crore to banks and thousands of crore more to lessors, vendors and employees, who haven't been paid since March.
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