The committee of Jet Airways (JAI, Mumbai Int'l) creditors has granted Synergy Aerospace an extension until November 15, 2019, to submit a formal bid for the acquisition of the defunct airline, The Financial Express has reported.

While the original deadline passed on October 14, the South American holding is reportedly still conducting due diligence and is not ready to formalise its interest in Jet Airways. With Synergy being the only potential investor, the creditors effectively faced a choice between either extending the deadline or accepting the airline's demise.

The Resolution Professionals had until October 28, 2019, to present their final plan for Jet Airways to the National Company Law Tribunal (NCLT). This deadline is now likely to be extended through December.

Synergy Aerospace, an investment vehicle for German Efromovich which controls a 51.5% stake in Avianca Holdings, is now reportedly in talks with Indian travel services holding Bird Group. Under the current Indian law, Synergy itself would not be able to take majority control of Jet Airways due to the cap on foreign investment in airlines.

Ravi Deol, a UK-based businessman who set up India's oldest coffee shop chain Barista, is also understood to be involved in the talks.

Meanwhile, The Economic Times has reported that the Enforcement Directorate has identified cases of tax evasion and money siphoning from Jet Airways through illegal contracts with foreign-registered subsidiaries. The Indian authorities obtained documents from the Egmont Group, a network of 164 financial intelligence units, which point out to suspicious lease, maintenance, and general sales contracts signed by the airline with units registered in tax havens.

"This clearly amounts to a violation under the Foreign Exchange Management Act (FEMA) as fake invoices were floated and the monies that should have come to India were routed abroad," a source close to the investigation said.

"The airline was found to be paying commissions every year to its general sales agent in Dubai which was also part of a group unit. These may have been aimed at evading taxes to the tune of INR8 billion rupees (USD110 million)," another source explained.

Founders Naresh and Anita Goyals were questioned regarding these allegations earlier this month. They were unreachable for a comment.