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A potential deal could value the loyalty program, Jet Privilege Private Ltd, between $429.1 million to $572.1 million.
Jet Airways chairman Naresh Goyal met aviation secretary RN Choubey on Monday and apprised him of the ongoing crisis.
Facing financial headwinds, Jet Airways is reportedly planning to monetise JetPrivilege, its frequent flyer programme.
The airline on Thursday informed stock exchanges that the audit committee has refused to approve company's June quarter results.
Civil aviation secretary RN Choubey said they are working on a turnaround plan to make Air India competitive and are holding consultations with the finance ministry.
In addition to Rs 11,000 crore bailout package, the govt may give the board of directors additional powers to take decisions on operational issues.
Go Air extended the deadline of its sale, while AirAsia is offering heftier discounts for larger groups.
Jet Airways spokesperson said this is not the first instance in corporate India of deferment of quarterly financial results by a company.
Jet Airways deferred announcing their June quarter numbers to an unspecified date. The development came after the company's AGM on Thursday.
Stock of the full service carrier has slumped over 12 per cent since July 2 and in intra-day trading today, it touched a 52-week low of Rs 286.95 apiece.
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