India's Jindal Power will not bid to take over airline Go First

India's Jindal Power, the only company whose expression of interest to take over Go First was accepted by creditors, has decided to not follow through with a bid, three people familiar with the plans said, pushing the insolvent airline closer to liquidation. The deadline to submit takeover bids ends on Tuesday, and the sources told Reuters Jindal had decided against bidding after evaluating the airline's financial statements. While the deadline can be extended via an application to the courts, creditors are currently not inclined to do so, two banking sources said. "The EoI was largely to check the valuation of the airline and get access to the company's data," said one of the sources. "After evaluation, the company has decided not to put in a bid." The sources declined to be identified as they were not authorised to speak to the media. Jindal Power and Go First's resolution professional did not reply to emails seeking comment. Go First filed for voluntary insolvency in May and owes a total of 65.21b rupees ($785.6m) to its creditors. Bankers had pinned their hopes on Jindal's interest, said a banker at a lender that has exposure to Go First. "But it looks like that hasn't materialised," the banker added, declining to be named as he was not authorised to speak to the media.<br/>