In a filing with the BSE on Wednesday, the airline said it had executed the purchase and sale agreement and related documents for three airframes and six engines.
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The total value of the deal with Malta-based Ace Aviation is $46 million, which translates to over Rs 417 million at the current exchange rate.
The MSN 35159 – VT-JES airframe and the ESN – 906336 and ESN – 906364 engines will sell for $16 million, while the MSN 35158 – VT-JEV airframe as well as the ESN – 906353 and ESN -906298 engines will sell for $12.5 million.
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In addition, the Malta-based entity will purchase the airframe MSN 35162 – VT-JEM and the engines ESN – 906351 and ESN – 906337 for $17.5 million.
The three frames are from wide-body Boeing 777 aircraft. Generally, the aircraft frame refers to the basic body of an aircraft without components.
The once storied Jet Airways shut down operations in April 2019, due to financial difficulties and lenders subsequently referred the troubled airline for resolution under the Insolvency and Bankruptcy Code (IBC).
In the insolvency resolution process, the winning bidder was unable to implement the resolution plan due to multiple issues and after a lengthy court process, the Supreme Court, in November 2024, ordered the airline’s liquidation.
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In August last year, Jet Airways signed an agreement to transfer the lease of its office space in Mumbai to an entity for a little over Rs 370 crore.
Currently, trading in Jet Airways shares remains suspended for procedural reasons.
At its peak, Jet Airways had just over 120 aircraft. When operations were halted due to mounting debt problems and unpaid salaries, the airline had around 16 owned aircraft.
On April 17, 2019, the airline’s last flight S2-3502 took off from Amritsar at around 10:30 p.m. and landed at Mumbai’s Chhatrapati Shivaji International Airport at 12:22 a.m. on April 18.