Uncertainty prevails with regard to the revival plan of Jet Airways which the lenders had come out with on March 25 entailing an immediate bank funding of `1,500 crore upon stepping down of promoter-chairman Naresh Goyal and his wife from the board.

A meeting of the lenders on Thursday to take stock of the plan, while deciding to pursue the revival blueprint, did not say anything with regard to the release of funds without which the survival of the airline beyond the current month looks doubtful.

In fact, a statement issued by State Bank of India on behalf of the lenders late on Thursday evening did not rule out looking at other options should the current one not work out.

“Whilst all efforts will be made for the stake sale by the lenders, other options may be considered by the lenders should these efforts not result in an acceptable outcome,” the statement said.

The lenders have made two major changes to the plan announced on March 25. Now the expression of interests (EoIs) from the bidders will be invited on April 6 and prospective bidders need to submit the same by April 9. Earlier the EoIs were to be floated on April 9 and bids were to come by April 30. However, the statement did not say by when the new investor will be on board. On

March 25, the lenders had said that the new investor will be on board by May 31.

“The lenders intend to pursue the bank-led resolution plan for sale of stake in the company in a time-bound manner under the present legal and regulatory framework and intend to invite the expression of interest. The lenders are cognisant that the outcome of the efforts of the lenders will depend on the interest shown by the parties on sale of stake in the company,” the statement added.

As is known, upon the of 11.4 crore equity shares to the lenders upon conversion of `1 of the outstanding debt, banks would get a stake of 51% in the airline while Goyal’s stake from 51% will come down to around 25% and that of Etihad Airways will come down to 12% from the current 24%.

On March 25, Jet’s board had approved the constitution of an interim management committee to manage and monitor the daily operations and cash flow of the company.

However, the major crisis before the airline is cash crunch because of which it has so far grounded 71 aircraft and is operating only 26 as on Thursday. Its employees have not been paid salaries since January and the pilots have threatened not to fly if the dues are not cleared by April 14.