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What is the story about?
Jet Airways (India) Ltd, currently under liquidation, said two of its Boeing 777 aircraft have been sold through an e-auction, garnering combined bids of ₹568.18 crore, significantly higher than their reserve prices.
In an exchange filing on Wednesday, April 8, the airline said the two aircraft — both B777-300ER models based in Delhi — were auctioned on the BAANKNET platform as part of the liquidation process.
The first aircraft (MSN 35157, VT-JET) received the highest bid of ₹309.24 crore, compared with a reserve price of ₹171.80 crore, and was acquired by Ace Aviation XIV Ltd.
The second aircraft (MSN 35160, VT-JEU) saw a highest bid of ₹258.93 crore, above its reserve price of ₹184.95 crore, with Ace Aviation XV Ltd. emerging as the successful bidder.
The combined reserve price for the two assets stood at ₹356.75 crore, indicating a strong premium achieved in the auction process.
The sale was conducted by the liquidator, Satish Kumar Gupta , in consultation with the stakeholders’ committee, in line with the Insolvency and Bankruptcy Board of India (IBBI) liquidation regulations.
Jet Airways is currently undergoing liquidation after
the Supreme Court in November 2024 ordered the airline to be wound up, following a prolonged deadlock between lenders and the Jalan-Kalrock Consortium over the implementation of a revival plan.
The court ruled that the resolution plan was unviable after the consortium failed to infuse committed funds and clear employee dues, leaving liquidation as the only viable option for creditors.
Following the order, asset monetisation has been a key part of efforts to recover value for creditors.
In an exchange filing on Wednesday, April 8, the airline said the two aircraft — both B777-300ER models based in Delhi — were auctioned on the BAANKNET platform as part of the liquidation process.
The first aircraft (MSN 35157, VT-JET) received the highest bid of ₹309.24 crore, compared with a reserve price of ₹171.80 crore, and was acquired by Ace Aviation XIV Ltd.
The second aircraft (MSN 35160, VT-JEU) saw a highest bid of ₹258.93 crore, above its reserve price of ₹184.95 crore, with Ace Aviation XV Ltd. emerging as the successful bidder.
The combined reserve price for the two assets stood at ₹356.75 crore, indicating a strong premium achieved in the auction process.
The sale was conducted by the liquidator, Satish Kumar Gupta , in consultation with the stakeholders’ committee, in line with the Insolvency and Bankruptcy Board of India (IBBI) liquidation regulations.
Jet Airways is currently undergoing liquidation after
The court ruled that the resolution plan was unviable after the consortium failed to infuse committed funds and clear employee dues, leaving liquidation as the only viable option for creditors.
Following the order, asset monetisation has been a key part of efforts to recover value for creditors.
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