Jet Airways (India) Limited has auctioned its last two Boeing 777-300ER aircraft for Rs 568.18 crore, nearly 59% higher than the combined reserve price of Rs 356.76 crore. The e-auction, conducted on the BAANKNET platform under liquidator Satish Kumar Gupta, saw strong participation from Ace Aviation entities. Ace Aviation XIV Limited acquired aircraft VT-JET for Rs 309.25 crore, while Ace Aviation XV Limited bought VT-JEU for Rs 258.93 crore. The same group had earlier acquired three similar Jet Airways aircraft parked in Mumbai.
Premium Bidding
The two wide-body aircraft, previously deployed on international routes, were among the airline’s most valuable remaining assets. The reserve prices were set at Rs 171.80 crore and Rs 184.95 crore, respectively, with final bids significantly exceeding these benchmarks. The outcome highlights continued demand for wide-body aircraft, either for operations or part-out, in the secondary market despite Jet’s prolonged insolvency.
The auction was conducted in line with Regulation 32 of the Insolvency and Bankruptcy Board of India (IBBI) liquidation regulations, with the liquidator working in consultation with the Stakeholders’ Consultation Committee. Public notices and an Asset Sale Process Memorandum were issued ahead of the bidding process.
Road to Winding Up
Jet Airways informed stock exchanges, including BSE and NSE, of the transaction on April 8, following earlier disclosures in March. The airline continues to hold other assets, including Airbus A330-200 and Boeing 737-800 aircraft parked in Mumbai, which are expected to be monetised in subsequent phases.
Jet Airways officially suspended operations on April 17, 2019. The airline entered liquidation after the Supreme Court ordered its winding up in November 2024, citing the Jalan-Kalrock Consortium’s failure to infuse funds and clear dues. Since then, the resolution process has shifted to structured asset sales, with the Boeing 777 auction emerging as one of the largest disposals so far.