Jet Airways, the former full-service carrier currently undergoing liquidation, has concluded the transfer of three Boeing 777 aircraft, together with their engines, to Ace Aviation, a Malta-registered arm of Challenge Group, in a deal valued at USD 46 million. The agreement was executed on February 11, 2026, as part of the airline’s restructuring under India’s Insolvency and Bankruptcy Code (IBC). The transaction was overseen by court-appointed resolution professionals and approved by the National Company Law Tribunal following consultations with the Stakeholders’ Consultation Committee, as disclosed in filings to the BSE and NSE.
The aircraft bearing manufacturer serial numbers 35159 (VT-JES), 35158 (VT-JEV) and 35162 (VT-JEM) have now been handed over to the buyer along with their associated propulsion units. The divestment represents a key step in the company’s strategy to realise value from its holdings and address outstanding obligations to creditors while insolvency proceedings move forward.
