Creditors of India's bankrupt Jet Airways are likely to recover less than 10% of the carrier's total outstanding dues in a liquidation scenario if no suitor succeeds in buying the airline, two sources told Reuters. The airline's financial and operational creditors, who are owed nearly ₹30,000 crore ($4.20 billion) are likely to recover only $300-$400 million from the sale of Jet's assets, the sources said. "The expected recovery on owned planes and real estate is $300-400 million after repaying debt tied specifically to those assets," said one of the sources. Once known as India's biggest private carrier, Jet stopped flying in April after running out of cash, leaving thousands without jobs and pushing up airfares across the country. The court-appointed resolution professional, Grant Thornton, now responsible for the company, declined to comment and said that the focus remains on resolution and not liquidation at this stage. In addition to the lenders the airline has 2,400 creditors including suppliers, vendors and employees. In July, Grant Thornton opened bids for those interested in buying a stake in the airline. The initial deadline of 15 days was extended to accommodate more bidders but the response has been lukewarm. Three early-stage bidders include Synergy Group Corp, which owns a majority stake in Colombian carrier Avianca Holdings, Russia's Treasury RA Partners and Panama-based investment firm Avantulo Group. "Anyone who wants to purchase Jet will be taking huge liabilities and so it doesn't make sense for anyone. It is clear that Jet will head into liquidation because what else is there?" said one of the lead bankers.