Jet Airways completes sale of 3 B777s to Challenge Group for $46 mn

Jet Airways, currently under liquidation, has executed agreements to sell three Boeing 777 aircraft along with their engines to Ace Aviation, a Malta-based subsidiary of the Challenge Group, for a combined value of $46 million.

The sales were carried out as part of the airline’s ongoing liquidation process under the Insolvency and Bankruptcy Code (IBC), following consultation with the Stakeholders’ Consultation Committee and approval from the National Company Law Tribunal (NCLT), as per filings by Jet Airways on BSE and NSE today (February 11, 2026).

The transaction involves aircraft frames MSN 35159 (VT-JES), MSN 35158 (VT-JEV) and MSN 35162 (VT-JEM), each sold together with two engines. 

Challenge Group had bid for these aircraft in 2022 with plans to convert them into dedicated freighters. It paid a total deposit of $5.6 million and signed a letter of intent, but the acquisition was later blocked. The deposit included $4.6 million as an Earnest Money Deposit (EMD) for three aircraft parked in Mumbai, along with $1 million as token money for two Boeing B777s stationed in Delhi.

Challenge Group plans to convert these aircraft into freighters and has been in discussions with Israel Aerospace Industries (IAI) regarding the B777-300 Extended Range Special Freighter (ERSF), also known as the “Big Twin.” This passenger-to-freighter (P2F) conversion programme is designed specifically for the Boeing 777-300ER aircraft.