The hopes of resurrection for Jet Airways is likely to hit a dead end as Hinduja Group and Etihad Airways PJSC may not go ahead with their plan, reported LiveMint, citing people familiar with the matter.

According to the report, while the London-based Hinduja Group has decided to stop all current negotiations being carried out to buy a stake in the crisis-hit carrier, stakeholder Etihad had frozen its plans to buy additional shares.

“The promoters of the group feel that it’s too risky for them to get involved (with Jet Airways) at the moment, due to ongoing government investigations and the recent insolvency pleas submitted by operational creditors at the National Company Law Tribunal (NCLT)," a source close to the development was quoted as saying in the report.

The development is possibly a fatal setback to the Mumbai-based carrier that has suspended its operations for over two months now amid rising debt.

Further, to make matters worse for the carrier, two of its creditors — Shaman Wheels Pvt. Ltd and Gaggar Enterprises Pvt. Ltd filed separate insolvency pleas on Monday at NCLT, Mumbai, for recovery of their dues.