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Jet Airways to Sell Aircraft and Engines for $46 Million

Jet Airways Sells Aircraft and Engines Amid Liquidation
Grounded Indian carrier Jet Airways has entered into an agreement to sell three aircraft frames and six engines to Malta-based Ace Aviation for a total of USD 46 million. The transaction forms part of the airline’s ongoing liquidation process following its cessation of operations in April 2019.
Details of the Sale
According to a filing submitted to the Bombay Stock Exchange (BSE), Jet Airways has executed the sale and purchase agreement along with related documents for the assets. The deal, valued at over Rs 417 crore at current exchange rates, involves three wide-body Boeing 777 aircraft frames and six engines. The aircraft frames, which constitute the basic body of the planes without components, are identified by their manufacturer serial numbers (MSN) and registration codes.
The first aircraft frame, MSN 35159 (VT-JES), along with engines ESN 906336 and ESN 906364, was sold for USD 16 million. The second frame, MSN 35158 (VT-JEV), and engines ESN 906353 and ESN 906298, fetched USD 12.5 million. The third frame, MSN 35162 (VT-JEM), with engines ESN 906351 and ESN 906337, was sold for USD 17.5 million.
Background and Current Status
Jet Airways, once a prominent player in the Indian aviation sector with a fleet exceeding 120 aircraft at its peak, halted operations due to mounting debt and financial difficulties. At the time of suspension, the airline owned approximately 16 aircraft. Its final flight, S2-3502, departed from Amritsar on the night of April 17, 2019, and landed in Mumbai early the next day.
Following the suspension, Jet Airways was referred to the insolvency resolution process under India’s Insolvency and Bankruptcy Code (IBC). However, the winning bidder was unable to implement the resolution plan, leading to protracted legal proceedings. In November 2024, the Supreme Court ordered the liquidation of the airline.
In addition to the sale of aircraft assets, Jet Airways had previously transferred the lease of its Mumbai office space for over Rs 370 crore in August 2023. Meanwhile, trading in Jet Airways shares remains suspended due to procedural reasons as the liquidation process continues.

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