Jet Airways: Sale of Planes Marks Another Step in Liquidation

Jet Airways, a once-prominent carrier that halted operations in April 2019 due to financial difficulties, has taken a significant step in its liquidation process by finalizing an agreement for the sale of three aircraft frames and six engines to a Malta-based entity, Ace Aviation. The deal, valued at USD 46 million, was reported in a filing to the Bombay Stock Exchange (BSE) on Wednesday, offering a detailed breakdown of the transaction amounts for each aircraft frame and engine set.

The airline had operated for 25 years before succumbing to debt troubles, and despite attempts at resolution under the Insolvency and Bankruptcy Code, the process culminated in a Supreme Court order for liquidation in November 2024. This sale comes as part of the company's ongoing efforts to resolve its financial commitments, even as trading in its shares remains halted.

During its peak, Jet Airways managed a fleet exceeding 120 aircraft, but financial strain and unmet salary obligations resulted in operations being suspended. This sale is another development in Jet Airways' journey through the complex and legally intricate process of liquidation, four years after the airline's last scheduled flight touched down in Mumbai.