New Delhi

Defunct carrier Jet Airways has entered into a binding agreement to sell three aircraft airframes along with six engines to a Malta-based company in a transaction valued at USD 46 million.

The airline, which ceased flying in April 2019 after 25 years of operations due to mounting financial stress, is currently in the liquidation phase. In a disclosure filed with the Bombay Stock Exchange on Wednesday, Jet Airways confirmed that it has completed the necessary documentation for the sale of the aviation assets.

The buyer, Malta-based Ace Aviation, will acquire the assets for a total consideration equivalent to more than ₹417 crore at prevailing exchange rates.

As per the filing, one Boeing 777 airframe bearing serial number MSN 35159 (registered as VT-JES), along with engines ESN 906336 and ESN 906364, has been priced at USD 16 million. Another airframe, MSN 35158 (VT-JEV), together with engines ESN 906353 and ESN 906298, will be sold for USD 12.5 million. The third aircraft frame, MSN 35162 (VT-JEM), along with engines ESN 906351 and ESN 906337, will be transferred for USD 17.5 million.

All three assets belong to wide-body Boeing 777 aircraft. An aircraft frame typically refers to the core structure of the aircraft, excluding additional systems and components.

Jet Airways was once among India’s leading full-service airlines but grounded its fleet in April 2019 amid severe cash flow issues, unpaid dues, and escalating debt. The airline was subsequently taken to the National Company Law Tribunal under the Insolvency and Bankruptcy Code.

Although a resolution applicant was initially selected, the revival plan failed to take off due to various complications. After prolonged litigation, the Supreme Court directed the liquidation of the airline in November 2024.

In a separate asset monetisation move last August, Jet Airways had also finalised an agreement to transfer the lease of its Mumbai office premises for a consideration exceeding ₹370 crore.

Trading in the airline’s shares continues to remain suspended owing to compliance-related matters.

READ MORE: Khan Sir’s affordable hospital in Patna becomes lifeline for poor

At its height, Jet Airways operated a fleet of over 120 aircraft. By the time it suspended services, the airline owned around 16 planes. Its final flight, S2-3502, departed Amritsar on April 17, 2019, and landed in Mumbai shortly after midnight on April 18.