The three Boeing 777 planes have remained parked in Mumbai for almost six years after the airline closed
Three Jet Airways Boeing 777 aircraft, which have been parked in Mumbai for almost six years following the airline’s closure, will finally have a new home.
The plane was sold for $46 million to European cargo airline Challenge Group after three years of litigation. The grounded airline informed the Bombay Stock Exchange about the execution of the sale agreement on Wednesday.
Malta-based Ace Aviation, which is part of the Challenge Group, won the bid to acquire the three aircraft in October 2022. The company executed letters of intent and had posted security to proceed with the purchase.
Objections raised
However, the sale was suspended by the lender-controlled monitoring committee due to opposition from the Jalan Kalrock Consortium, which had won the tender to revive the grounded airline. The sale of the aircraft was subsequently litigated before the National Company Law Tribunal, the National Company Law Appellate Tribunal and the Supreme Court, which cleared the sale of the aircraft to Ace Aviation.
Objections were raised against the sale by Mumbai International Airport Ltd, following the airline’s liquidation in November 2024. Ace Aviation and Mumbai Airport signed a consent agreement over outstanding parking dues last August, but the matter dragged out again before the insolvency courts. Finally, last December, the airport granted its no-objection to the sale and released its lien on the plane. Following this, a sales agreement was signed between Jet Airways and Ace Aviation last month.
“The successful conclusion of this transaction represents a milestone in India’s aviation and insolvency landscape. It marks the first case where Boeing 777 widebody aircraft are sold under the insolvency/liquidation framework. The deal also sets a key precedent and benchmark for future transactions of a similar nature involving aviation assets,” said Dentons Link Legal, which represented Ace Aviation in the matter.
Posted on February 11, 2026
