The consortium of Jet Airways (9W, Mumbai Int'l) creditors has received three Expression of Interest (EOI) bids for the potential revival of the airline but Etihad Airways (EY, Abu Dhabi Int'l) did not submit an offer, Indian newswire PTI has reported.

"Etihad remained engaged in the process, but despite the endeavours of everyone involved there remained very significant issues relating to Jet’s previous liabilities. Regrettably, in these circumstances, it was neither feasible for nor responsible of Etihad to reinvest in Jet at this time," the UAE-based carrier said.

According to unconfirmed reports in The Economic Times, Panama-based investment firm Avantulo Group and Russian fund Treasury RA Creator submitted EOIs and are currently the only remaining potential investors.

Volcan Investments, an investment vehicle owned by one of India's wealthiest businessmen Anil Agarwal, also backed out from the process, although only after submitting an EOI for Jet Airways by the August 10, 2019, deadline.

"Volcan Investments... in an exploratory move, has sought an EOI for Jet Airways, to understand the business scenario for the company and the industry. This EOI is in no way linked to Vedanta," Volcan Investments said in a statement shortly after emerging as a surprise late entrant to the EOI process.

Vedanta is a London-based mining and metals company owned by Agarwal but listed on the London Stock Exchange. Agarwal has a history of investing in debt-laden companies in India and turning them around.

However, following the initial evaluation, Volcan Investments said that it decided to drop its EOI.

"On further evaluation and considering other priorities, we intend to not pursue this further," the firm said in a statement quoted by Indian media.

Indian conglomerate Hinduja Group, earlier linked to a joint bid with Etihad Airways, did not enter the process.

"Etihad Airways decided not to pursue Jet Airways. We were part of the consortium and therefore we abided by their move," Chairman Ashok Hinduja told the Economic Times.

Final bids are due by September 12, 2019.

Following the cessation of the airline's operations in mid-April 2019, Jet Airways creditors initiated bankruptcy proceedings in front of the National Company Law Tribunal (NCLT) on June 20, 2019. So far, the court has registered almost INR250 billion rupees (USD3.5 billion) in claims from various creditors.