Jet Airways founder chairman Naresh Goyal has decided not to bid for acquiring a stake in the cash-strapped airline, sources said Tuesday.

The full-service carrier, which is currently operating less than 10 aircraft, is awaiting fresh fund infusion under a debt resolution plan.

Airline sources said Goyal, who had stepped down as chairman of the carrier last month, has withdrawn the bid for the airline.

Goyal had quit after a debt-rejig plan was approved in March. Jet Airways has been since under the management control of an SBI-led consortium of lenders.

On April 12, sources said that Goyal had also put in a bid for the carrier.

SBI Capital Markets has the mandate for Jet Airways’ sale on behalf of the SBI-led consortium of the domestic lenders to the debt-ridden private carrier.

Last month, Goyal and his wife Anita Goyal stepped down from the board of the airline, which has more than Rs 8,000 crore debt.

The resignation followed the airline board’s meeting in Mumbai to decide on ways to procure interim funding as well as the future role of Goyal.

Earlier on Tuesday, the Government directed the secretary of Ministry of Civil Aviation to review issues related to high airfares, passenger rights and safety as the financially challenged Jet Airways struggles to stay afloat.

This comes a day after Jet Airways pilots on Monday appealed to the State Bank of India (SBI) to release Rs 1,500 crore for cash-strapped airline’s survival and also urged Prime Minister Narendra Modi to help save 20,000 jobs at stake.

(With agency inputs)