The resolution professionals (RPs) running Jet Airways (JAI, Mumbai Int'l) have issued a fourth call for Expressions of Interest (EOIs) in the bankrupt Indian airline after three previous attempts yielded no binding bids.

According to EOI documentation posted on the carrier's website, prospective bidders have until May 28 to submit initial proposals. A final list of prospective bidders will be published on June 10. These investors will then have one month in which to go through Jet's data room and come up with a resolution plan, due by July 11.

If the process is successful, the RPs expect to submit a final resolution plan to the court around July 23.

The airline ceased flying in April 2019 and entered into bankruptcy on June 20, 2020. While Indian bankruptcy procedure law normally grants companies 180 days to restructure, the National Company Law Tribunal has twice extended the deadline by 90 days. No further extensions are legally possible, meaning that the fourth round of call for EOIs is also the final attempt at finding a new investor for Jet Airways.

In a separate development, the airline said the proposed sale of its assets in the Netherlands to KLM Royal Dutch Airlines (KL, Amsterdam Schiphol) had fallen through after Amsterdam Schiphol slot coordinator, Airport Coordination Netherlands (ACNL), rejected the agreement. The conditional deal, signed in mid-January 2020, was contingent on, among others, the transfer of slots at the Dutch gateway, a key Jet asset in the Netherlands.