The Wadia group initially conveyed their intent to approach the bankruptcy court to restructure the airline’s liabilities and restore its viability. However, as the process commenced, the promoters have remained silent. During the expression of interest phase, Naveen Jindal’s Jindal Power submitted bids but was not deemed a serious contender. Although the airline is under bankruptcy, the promoter Wadia group includes several blue-chip companies, including Britannia Industries, Bombay Dyeing, and Bombay Burma.
Lenders are currently assuming the role of the board of directors in their capacity as a committee of creditors.