Frankly I do not think the hype around Jio is for Jio retail only, but also for the large subscriber base it can provide to the investor and the consumer data thereto, which is true for Vodafone also, smaller scale but still considerably large.
Secondly if the company is pushed into bankruptcy the acquirer shall have to run the company for itself which may not be its core competence, and with IBC suspended shall be a long tiring process, whereas an investor shall be investing in a company which has a capable management but in distress due to an unfavorable operating environment and sudden drastic change in competetive environment.
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