As part of its ongoing liquidation process, grounded Jet Airways has signed an agreement to sell 3 aircraft frames and 6 engines for $46 million. The sale has been executed with Malta-based Ace Aviation, according to a regulatory filing made on Wednesday.
The total transaction value stands at $46 million, which is over Rs 417 crore at current exchange rates. The deal covers 3 wide-body Boeing 777 aircraft frames along with their corresponding engines.
Aircraft frame MSN 35159 – VT-JES, along with engines ESN – 906336 and ESN – 906364, will be sold for $16 million. Aircraft frame MSN 35158 – VT-JEV, together with engines ESN – 906353 and ESN – 906298, will be sold for $12.5 million. Meanwhile, aircraft frame MSN 35162 – VT-JEM and engines ESN – 906351 and ESN – 906337 will be sold for $17.5 million.
An aircraft frame refers to the basic body structure of an aircraft without its components.
Jet Airways operated for 25 years before suspending operations in April 2019 due to mounting debt and unpaid salaries. Following financial distress, lenders referred the airline for resolution under the Insolvency and Bankruptcy Code (IBC). Although a winning bidder emerged during the insolvency process, the resolution plan could not be implemented due to multiple issues. After prolonged legal proceedings, the Supreme Court in November 2024 ordered the airline’s liquidation.
In August last year, Jet Airways had also executed an agreement to transfer the lease of its Mumbai office space for over Rs 370 crore.
Currently, trading in Jet Airways shares remains suspended for procedural reasons.
At its peak, Jet Airways operated more than 120 aircraft. When operations halted, it owned around 16 planes. The carrier’s final flight, S2-3502, departed from Amritsar at around 10.30 pm on April 17, 2019, and landed at Mumbai’s Chhatrapati Shivaji International Airport at 12.22 am on April 18.
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