Grounded airliner Go First received an expression of interest from Jindal Power Ltd.
According to a Reuters report, Jindal Power was the sole successful applicant whose expression of interest was accepted by banks.
The last day to submit the expression of interest was September 28.
A formal bid will be placed after Jindal Power conducts a "proper due diligence" Reuters quoted a banker as saying.
Two foreign entities too had submitted the expression of interest, but were rejected after they failed to meet the criteria set by lenders.
Go First owes $784.60 million to its creditors, which include Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank.
In May, Go First filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal and suspended its operations.
"Go First has had to take this step due to the ever-increasing number of failing engines supplied by Pratt & Whitney’s International Aero Engines, LLC, which has resulted in Go First having to ground 25 aircraft (equivalent to approximately 50 per cent of its Airbus A320 neo aircraft fleet) as of 1 May 2023," the airline said in a statement then.