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The airline was founded by Naresh Goyal more than 25 years ago and he and his family currently own 52% of the airline, although that majority stake is expected to be lost as lenders' restructure the debt.
A consortium of investors led by the State Bank of India (SBI) took control of the airline in March.
The group is searching for a new investor to acquire a stake of up to 75% in Jet Airways. The deadline for bids had been extended to Friday, according to reports.
Ellis Taylor, deputy Asia editor of Flight Global, told the BBC the airline was in a "precarious position".
"The interim lifeline that the carrier talked about two weeks ago looks like it won't materialise any time soon, and that really leaves its future looking bleak," he said.

Jet Airways is expected to meet with its lenders today, hoping to strike a funding deal that would allow it to keep flying.

The airline is saddled with more than $1bn (£765m) of debt and fighting for survival.

Last week it cancelled all international flights until Monday. Its lenders are considering a plan to inject $145m to keep the airline afloat, according to Reuters.