Three entities have submitted expression of interest for grounded airline Jet Airways. However, Etihad Airways has not expressed any interest, sources told FE, which could prove to be a setback for Jet’s resolution process. Saturday, August 10, was the last date for submission of EoIs for the resolution of the grounded airline. Sources told FE that at least three expressions-of-interest (EoIs) have been received so far from interested applicants for the resolution of the airline.

A Panama-based entity, Avantulo Group, is understood to be one of the parties that has submitted an EoI, sources said. Two foreign private equity firms have also submitted EoIs for the airline. Over the next few days, the resolution professional (RP) for Jet Airways will evaluate these bids and is expected to issue a provisional list of eligible applicants, if any, by August 13.

Etihad Airways refused to comment on the developments. FE had reported last week that the deadline for submission of EoIs had been extended to give Etihad more time to take a final call on Jet Airways.

Eligible resolution applicants have time till September 12 to submit their plans. The final resolution plan for Jet Airways is expected to be submitted on September 27 before the National Company Law Tribunal for its approval. On June 20, the NCLT initiated insolvency proceedings against the airline following an application moved by the State Bank of India. In its order, the NCLT sought a speedy resolution for Jet Airways as it was considered a matter of “national importance”. While passing the order, judge VP Singh urged that the resolution process should be completed within 90 days.

Significantly, on the last date of the submission of EoIs, Jet Airways also informed the exchanges of its updated shareholding information for the quarter ended June. The shareholding pattern for the June quarter showed Naresh Goyal’s stake in the airline came down to 24.99% from 51% in the quarter ended March. It also stated as on June that Etihad’s stake in Jet Airways remained unchanged at 24% in the June quarter. Jet Airways halted operations on April 17 after lenders refused to provide emergency funding. Since then, the ministry of civil aviation has re-allocated the Jet’s slots to other airlines on a temporary basis till October.