No new bids were filed for investment in bankrupt Jet Airways following an extension of the deadline.
The third deadline expired on August 31 and leaves three companies in the running.
They are Russian investment fund Treasury RA Partners, Avantulo Group and Avianca Holdings backer Synergy Group Corp.
Each has submitted an expression of interest which remains non-binding.
"Now the deadline is unlikely to be extended further. The plan will be to go ahead with the three entities that had submitted their EoIs," a source with knowledge of the bankruptcy resolution said.
As expected, main long term backer Etihad Airways, which has a 24% stake, did not make an individual bid.
Etihad has been keen on a bid in the past but lost patience with how the airline was being run prior to its eventual grounding.
It then balked at a takeover and would only consider a minority stake in collaboration with another majority bidder.
Unfortunately that never materialised, and there is still no certainty that a deal will be reached with one of the three current bidders.
