Jindal Power, the only company whose expression of interest (EoiI to take over Go First was accepted by creditors, had decided not to follow through with a bid, three people familiar with the plans said on Tuesday, pushing the insolvent airline closer to liquidation. 

The deadline to submit takeover bids ended on Tuesday, and the sources told the Reuters that Jindal had decided against bidding after evaluating the airline’s financial statements. 

While the deadline could be extended via an application to the courts, creditors were 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 had filed for voluntary insolvency in May and owes a total of Rs 6,521 crore to its creditors. 

Bankers had pinned their hopes on Jindal’s interest, said a banker of a lender that has exposure to Go First. 

Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank are among the top creditors to the airline.