Jet Airways founder Naresh Goyal has decided not to bid for acquiring stake in the cash-strapped airline, sources said on Tuesday. Airline sources said Goyal, who had stepped down as chairman of the carrier last month, has withdrawn the bid for the airline. On April 12, sources said that Goyal had also put in bid for the carrier.

In a separate development, Civil Aviation Minister Suresh Prabhu has called for a review of issues related to the struggling airline, including rising fares and flight cancellations. Prabhu has also asked Civil Aviation Secretary Pradeep Singh Kharola to take necessary steps to protect the rights and safety of passengers. “Directed Secretary @MoCA_GoI to review issues related to Jet Airways, especially increasing fares, flight cancellations etc,” Prabhu said in a tweet on Tuesday.

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

Besides asking the secretary to take necessary steps to protect passenger rights and safety, Prabhu has called for working with all stakeholders for their well being.

This is the second time in less than a week that Prabhu has publicly said he has called for a review of issues related to Jet Airways. On Monday, lenders did not take a final decision on providing emergency funds to the cash-strapped carrier.

The airline’s board is meeting in Mumbai on Tuesday.

In afternoon trade, shares of the airline declined 3.59 per cent to Rs 252.40 apiece on the BSE.

Jet Airways is operating around seven planes, including six turbo propelled ones used for shorter hauls. It had 123 aircraft in operation in December.

“As you are aware, we have been working with the lenders to secure interim funding for our operations. The interim funding has not been forthcoming thus far, and as a result we have extended cancellation of international operations until April 18,” the airline’s CEO Vinay Dube said in an internal communication on Monday.

On March 25, the airline’s board approved the debt resolution plan, under which SBI-led consortium would provide an emergency loan of Rs 1,500 crore and also take control of the carrier.