In view of the opposition from other bidders, Goyal is said to have withdrawn from the race.
Seeking to take pilot's seat after he was nudged by the lenders to quit, Goyal had placed his bid through Jetair Pvt Ltd and backed by two foreign enntities.
SBI Caps, the merchant banking arm of SBI, is currently shortlisting investors who would then be able to submit their proposals by April-end.
In a statement, SBI had on Monday said that prospective bidders would be selected shortly as SBI Caps' legal team is working on the Expressions of Interest (EoI) received from the investors.
"The proposed equity conversion by banks, if any, will be undertaken as a transitory mechanism to facilitate the bidding-cum-sale process," SBI said in a statement.
SBI is acting on behalf of the group of lenders as part of the bank-led resolution process.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)