India sees little scope for Jet Airways revival: government sources

India’s government sees little hope of a bidder emerging for debt-laden Jet Airways Ltd, two senior finance ministry officials said, even as thousands of employees plead with the government for a rescue. Parties that had initially expressed interest in Jet, which is saddled with roughly $1.2b of debt, have so far failed to make firm bids to bail it out, increasing the odds that it could soon face bankruptcy proceedings. “There is little scope in the revival of Jet,” said one official, adding that if a bidder emerged, the government was still willing to return slots to the private airline which have temporarily been given to rivals. A second senior finance ministry official said it was only a matter of time before someone dragged Jet to the National Company Law Tribunal - India’s bankruptcy court - for recovery of dues from Jet. It will most likely be one of Jet’s creditors and not its lenders that do so, said both the officials who spoke on condition of anonymity. Unions have been pleading with the government to ensure the airline is rescued. Last week, in a letter to the prime minister seen by Reuters, its pilots union urged the government to intervene and speed up the bid process for the airline and stop the deregistration of its aircraft by its lessors. Jet had a fleet of more than 120 aircraft but more than half have been deregistered and repossessed by lessors.<br/>