The Indian National Company Law Tribunal (NCLT) has granted Jet Airways' resolution professionals another 90-day extension in which to find investors for the grounded carrier, The Economic Times has reported. The current and legally the last possible deadline falls on June 13, 2020.

The default deadline expired on March 15, 2020, 270 days after liquidation procedures began, with the creditors giving potential bidders only until March 10 to submit offers. As no valid bids were submitted by that deadline, the creditors subsequently decided to request a deferral.

Considering the exceptional circumstances, the NCLT granted a 90-day extension rather than a standard 60-day one. However, no further extensions will be possible under the law. Therefore, if no bidders emerge by mid-June, Jet Airways will have to be liquidated.

According to Indian media, three entities had expressed an interest in bidding for Jet Airways before the last deadline. Synergy Aerospace has been interested since the first, failed attempt to elicit bids in the second half of 2019, but remains cautious given the lack of clarity as to the ownership of Jet Airways' former slots and some of the airline's past liabilities. There is also Delhi-based Prudent ARC which is reportedly still trying to secure funding for its bid while the third bidder, the Russian Far East Development Fund, had eyed the relaunch of Jet Airways using SSJ 100/95 regional jets but reportedly lost interest once that proved unviable.

Jet Airways' total claimed debt amounts to INRR360.9 billion rupees (USD4.7 billion).