Challenge Group wins auction for two more Jet Airways B777-300ERs
The latest Jet Airways auction process involved two Boeing 777-300ER aircraft, with reserve prices of approximately $19.7 million and $18.3 million, respectively (₹184.95 crore and ₹171.80 crore).
Jet Airways B777-300ER (VT-JET) at London Heathrow Airport in April 2017. (Photo: Wikimedia Commons)
Ace Aviation, a subsidiary of Malta-based Challenge Group, has won the bid for two additional Boeing 777-300ER aircraft auctioned by under-liquidation Jet Airways.
The latest auction process involved two Boeing 777-300ER aircraft (MSN 35160/VT-JEU and MSN 35157/VT-JET), including engines and auxiliary power units, with reserve prices of approximately $19.7 million and $18.3 million, respectively, ₹184.95 crore and ₹171.80 crore. The aircraft are respectively 18.8 and 19 years old. The e-auction was conducted on March 27, 2026, as part of ongoing efforts to monetise the airline’s remaining assets under liquidation.
Challenge Group had deposited $1 million as token money in 2022 for these two Boeing 777 aircraft parked in Indira Gandhi International Airport, Delhi, in addition to the earlier Earnest Money Deposit (EMD) paid for the three Boeing 777-300ER it acquired in February 2026 for a combined $46 million. It paid a total deposit of $5.6 million in 2022 and signed a letter of intent, but the acquisition was later blocked.
Challenge Group had bid for these aircraft with plans to convert them into dedicated freighters. With its primary hub at Liège, the airline currently operates a fleet of 10 aircraft, comprising six Boeing 747-400 freighters and four Boeing 767-300 freighters. In late February 2026, Challenge Group took delivery of its first 777-300ERSF Big Twin conversion on lease from AerCap and has plans to grow its fleet of 777-300ERSFs to six in the next two years.
The latest auction required EMDs of approximately $1.97 million (₹18.49 crore) and $1.83 million (₹17.18 crore) for the two aircraft. The auction also specified minimum bid increments of $0.99 million (₹9.25 crore) for one aircraft and $0.92 million (₹8.59 crore) for the other. According to the public announcement for the e-auction published on February 22, 2026, the successful bidder is required to complete the payment within 60 days of receiving the demand notice from the liquidator.
