Mumbai: Three Boeing 777-300ER aircraft that have been parked at Chhatrapati Shivaji Maharaj International Airport (CSMIA) since 2018 may finally leave Mumbai after nearly eight years on the tarmac. Jet Airways has agreed to sell the aircraft to Malta-based Ace Aviation for a combined $46 million ( ₹418 crore) as part of its ongoing liquidation, according to a Bombay Stock Exchange filing last week.
The National Company Law Tribunal (NCLT) has approved the sale, which covers jets registered VT-JES ($16 million), VT-JEV ($12.5 million) and VT-JEM ($17.5 million).
The transaction had been delayed by legal disputes over unpaid airport charges. Mumbai International Airport Ltd (MIAL), owned by the Adani Group, is claiming parking fees and other dues dating back to 2018, which it says have escalated to around ₹1,000 crore. Three other Jet aircraft parked at Mumbai airport—two Airbus A330s and a Boeing 737—remain unsold.
“Ace Aviation, which has bought these aircraft, will have to get regulatory approvals. Some works will have to be done to make them airworthy,” Jet Airways’s chief financial officer, Sundaram Ramesh, told HT.
Ace Aviation is a subsidiary of the Challenge Group, which operates cargo airlines. The company first bid for the aircraft in 2022, with plans to convert them into freighters. It paid a $5.6 million deposit and signed a letter of intent, but the acquisition was stalled for over three years amid legal objections.
An officer who worked with Jet Airways till a year ago said, “I had done the deal two years ago, but many issues were raised by the Mumbai airport operator. Finally, the deal has come through now. When I left Jet Airways, the dues of Mumbai were around ₹250 crore, but normally the purchasers bargain when there is final payment of dues.” He added that the aircraft could potentially be made airworthy within two to three months.
Debasish Chakraverty, an aviation historian, recalled flying on Jet’s Boeing 777-300ER fleet during its early years.
“The Jet Airways 777–300 ERs have been legacy wide-body airliners in India for decades now. I recall flying on Jet Airways’s inaugural flight from Newark to Bombay aboard one of these magnificent jets, and then brand new 777s. These aircraft lying almost derelict at Mumbai Airport are a sad sight. They have been collecting dust for years now. It will be interesting to see if they can be flown away, akin to one of the former Air India Boeing B747-400s, or will they be scrapped in Mumbai,” he said.
“In the past, we have seen two Kingfisher private jets—an A319 and a Hawker—being stored for years, and then scrapped at Mumbai. Former Go Air A320s have also languished at Mumbai airport in the past. Hopefully, that is not what is in store for these 777s, and they can find a new lease of life with their new owners,” he added.
Jet Airways, once India’s largest private carrier, permanently ceased operations in April 2019 after a severe financial crisis and mounting debts of over ₹7,500 crore. Despite a 2021 resolution plan to revive the airline under the Jalan-Kalrock Consortium, the process was stalled for years due to legal battles with creditors. In November 2024, the Supreme Court ordered the airline’s liquidation, ruling that the revival plan was no longer feasible. It directed the sale of all of the airline’s remaining assets to repay lenders and employees.