Jindal Power will not submit bid for GoFirst

It may soon be curtains for Wadia Group's low cost GoAir, which had suspended operations this May. Naveen Jindal's Jindal Power - which gave the only eligible expression of interest for reviving the airline under bankruptcy process - is not going to submit its bid, say sources. The airline's lenders are meeting on Wednesday to decide the future course of action. Liquidation of assets to recover some dues seems to be on the cards as chances of extending the date for getting a bid this time or going for a second round of inviting EoIs are negligible, given the tepid interest in the airline.