NEW DELHI (Reuters) – The Indian government sees little hope of a bidder emerging for debt-laden Jet Airways Ltd, which halted operations last month, two senior finance ministry officials said.

Parties that had initially expressed interest in Jet, which is saddled with roughly $1.2 billion of debt, have so far failed to come forward with firm bids to bail it out, increasing odds that it could soon face bankruptcy proceedings.

“There is little scope in the revival of Jet,” said one official, adding that if a bidder emerged, the government was still willing to restore slots to the private airline that had been temporarily given to rivals.

The second official said it was only a matter of time before someone dragged the carrier to the National Company Law Tribunal – India’s bankruptcy court – for recovery of dues.