After a prolonged delay of over two years, the liquidation process of Jet Airways may see significant progress with the transfer of three Boeing 777 aircraft. These planes, previously owned by Jet Airways and grounded at Mumbai Airport, are expected to be acquired by Malta-based Challenge Group.
Senior executives from the airline, speaking exclusively to Financial Express, revealed that discussions have gained positive momentum, with lenders and the liquidator showing a favorable approach toward finalizing the deal. This long-pending transaction could mark one of the first major milestones in Jet Airways’ liquidation process, signaling forward movement after years of stagnation.
The sale of these widebody aircraft, once key assets for Jet Airways, is seen as a crucial step in recovering some of the airline’s outstanding debts. The successful transfer to Challenge Group would not only pave the way for further asset monetization but also provide much-needed clarity to the creditors and stakeholders awaiting resolution.
Jet Airways, once a leading player in India’s aviation market, ceased operations in 2019 due to severe financial distress. The stalled liquidation process, compounded by various legal and logistical challenges, has delayed asset disposal. However, the anticipated transfer of the Boeing 777s could set a precedent for accelerating other pending transactions under the liquidation process.
With this development, stakeholders remain hopeful that Jet Airways’ remaining assets will find buyers, ultimately aiding the conclusion of its liquidation and recovery efforts. For Challenge Group, acquiring these aircraft aligns with its expansion plans, adding capacity to its fleet and global operations.
