Little scope for Jet Airways revival: Government sources

WION Web Team New Delhi, Delhi, India May 05, 2019, 04.15 PM(IST)

Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai. Photograph:( Reuters )

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Parties that had initially expressed interest in Jet, which is saddled with roughly $1.2 billion of debt, have so far failed to come forward with firm bids to bail it out, increasing odds that it could soon face bankruptcy proceedings.

The government sees little hope of a bidder emerging for debt-laden Jet Airways Ltd, which halted operations last month, a Reuters report said quoting two senior finance ministry officials.

Parties that had initially expressed interest in Jet, which is saddled with roughly $1.2 billion of debt, have so far failed to come forward with firm bids to bail it out, increasing odds that it could soon face bankruptcy proceedings, the report added.

"There is little scope in the revival of Jet," said one official, adding that if a bidder emerged, the government was still willing to restore slots to the private airline that had been temporarily given to rivals, according to the report.

The second official said it was only a matter of time before someone dragged the carrier to the National Company Law Tribunal - India's bankruptcy court - for recovery of dues.

(With inputs from Reuters)