Jet Airways (JAI, Mumbai International) creditors will vote on whether to issue a fresh call for Expressions Of Interest (EOI) for the acquisition of the carrier after Synergy Aerospace failed to submit a binding offer by the December 16 deadline. According to the Business Standard, the emergence of two new unnamed investors has prompted the renewed call for EOIs which is expected to come on December 21.

Despite having asked for, and been granted, multiple extensions, Synergy Aerospace ultimately only submitted a draft business plan for the reactivation of Jet Airways come the December 16 deadline. The South American group, a shareholder of Avianca Holdings, was the only serious bidder interested in acquiring Jet Airways. However, creditors said the draft proposal did not fulfil all legal requirements needed to move ahead with the process.

According to the PTI news agency, the failure to submit a binding offer was largely due to the lack of clarity regarding the status of slots owned by Jet Airways at the key Indian gateways, particularly Mumbai International and Delhi International. While the Indian Directorate General of Civil Aviation (DGCA) was quick to reallocate Jet's slots to other carriers, the move was only temporary. The current allocation of Jet Airways' slots to other airlines expires at the end of 2019, although some have already been awarded until the end of the Winter 2019/20 season (March 28, 2020), and a few even through October 2020.

The DGCA and Ministry of Civil Aviation (MoCA) said that they will "positively consider" allocating slots to Jet Airways once a concrete business proposal is on the table. However, it is unlikely that any such offer will be made without clarity regarding slots.

Airlines have until January 15, 2020, to apply for slots for the Summer 2020 season.

Both Synergy Aerospace and the National Company Law Tribunal sought clarifications from the DGCA regarding the use of Jet's slots but have yet to receive a robust response.

With Synergy's offer a non-starter, two new, foreign bidders have reportedly expressed an interest in Jet Airways, local media reports have said. Though not officially named, The Hindu newspaper has indicated that one of them is an Indian entity backed by a UK-based investor, and the other is a West Asian fund.