Grounded Jet Airways sells 3 Boeing 777 frames, 6 engines for USD 46 million
The carrier enters into a deal with Malta-based Ace Aviation for over Rs 417 crore as liquidation process continues for the airline that shut in 2019
New Delhi, Feb 11 (PTI) Grounded Jet Airways has executed an agreement for the sale of three aircraft frames and six engines to a Malta-based entity for USD 46 million.
Jet Airways flew for 25 years before stopping operations in April 2019 due to debt woes and is currently undergoing a liquidation process.
In a filing to the BSE on Wednesday, the airline said it has executed the sale and purchase agreement and related documents for three aircraft frames and six engines.
The total value of the deal with Malta-based Ace Aviation is USD 46 million, which translates to over Rs 417 crore at current exchange rates.
Aircraft frame MSN 35159 - VT-JES, and engines ESN – 906336 and ESN - 906364, will be sold for USD 16 million, while aircraft frame MSN 35158 - VT-JEV, as well as engines ESN – 906353 and ESN -906298 will be sold for USD 12.5 million, according to the filing.
Further, aircraft frame MSN 35162 - VT-JEM and engines ESN - 906351 and ESN - 906337 will be purchased by the Malta-based entity for USD 17.5 million.
All three frames are of wide-body Boeing 777 planes.
Generally, the aircraft frame refers to the basic body of an aircraft without components.
The once storied Jet Airways shuttered operations in April 2019, following financial headwinds and subsequently, lenders referred the ailing airline for resolution under the Insolvency and Bankruptcy Code (IBC).
Under the insolvency resolution process, the winning bidder was unable to implement the resolution plan due to multiple issues, and after long-drawn legal proceedings, the Supreme Court, in November 2024, ordered the liquidation of the carrier.
In August last year, Jet Airways had executed 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 the shares of Jet Airways remains suspended due to procedural reasons.
At the peak of its operations, Jet Airways had a little over 120 planes. When the operations came to a halt due to mounting debt woes and unpaid salaries, the airline had around 16 own planes.
On April 17, 2019, the airline's last flight S2-3502 took off from Amritsar around 10.30 pm and touched down at Mumbai's Chhatrapati Shivaji International Airport at 12.22 am on April 18. PTI