New Delhi: Jet Airways founder Naresh Goyal has opted out of bidding for stake acquisition in the ailing airline, said reports on Tuesday.

The development came after Etihad Airways and TPG Capital threatened to walk out of the deal if Goyal was a part of it. Reportedly, the airline management is expected to completely shut down its operations as there is no financial assistance as of now from the lenders.

Delaware-based firm named Future Trend Capital, London-based entity called Adi Partners, Etihad, TPG and Indigo Capital are some of the bidders who have submitted their expression of interest (EOI) for the same. SBI Caps will select the qualified bidders on Tuesday. State-run National Infrastructure and Investment Fund are expected to bid directly.

Etihad owns at least 24 per cent of Jet Airways and has said that it wants to continue keeping it that way. Apparently, Etihad had two conditions: Goyal’s complete exit from the airline and exemption from a capital markets rule that mandates companies to put an open offer of 20 per cent shares if it has acquired 25 per cent in a company.

Goyal had resigned as the chairman and board member earlier itself.

Meanwhile, Jet Airways’ top official refused to reply to any query. Both TPG and Etihad spokespersons said they wouldn’t comment on rumours and speculation.

Jet Airways’ board meeting is now over and it has been decided that operations will continue till all efforts stand exhausted. However, a final call will be taken by the end of the day as the options remain limited. It is being said that all efforts are on to avoid the grounding of the airline.

Earlier, Jet Airways had decided to cancel its services on overseas routes till Thursday, April 18. The same had been confirmed by the beleaguered airline’s CEO Vinay Dube in a statement to employees on Monday.

“As you are aware, we have been working with the lenders to secure interim funding for our operations. The interim funding has not been forthcoming thus far, and as a result of this we have extended cancellation of international operations through Thursday, April 18,” Dube had reportedly said in a statement.

He added, “The current status of engagement with the lenders and other related matters will be placed before the board Tuesday morning to seek guidance on the next steps.”

The decision was taken following the non-receipt of funds from its lenders, who have now management control of the airline following a debt-restructuring plan last month.