While people are trying to figure out what to do next, circumstances are removing the parts needed in a recovery (planes, pilots, people with money willing to part with ie Etihad and customer goodwill). I think they waited to long. Goyal will end up with 100% of 0 value at least that seems to make him happy though, so there is that.
As I posted above, this is happening. Soon they will be down to 35 aircraft. As I posted links above, 200 pilots have already left. We know over 400 pilots interviewed with SpiceJet. We know Indigo has made a generous offer too and is actively recruiting.
Etihad has obviously internally dropped the value of acquiring Jet.
We need information on how Jet will be saved soon or the buyer will overpay for very little.
Sadly, at this point, at best, only about 6,000 jobs could be saved at Jet. For most Jet employees, if they can secure alternative employment, they should.
What hasn't been discussed is how the competition will be tougher due to the Jet issues.
Indigo: Increased revenue despite reduced flights due to their pilot shortage. They've obviously still recruiting and training.
SpiceJet: Is looking for short term MAX replacement as well as quite the opportunity to acquire a number of aircraft quickly.
GoAir:. Is making more money and will be far healthier.
Air India:. I estimate will make a little profit this quarter.
Others will so better, but does not have a long term competitive impact.