European cargo airline buys three Jet Airways Boeing 777s for $46 million

Three Jet Airways Boeing 777 aircraft, which have been parked in Mumbai for close to six years following the airline’s closure, will finally have a new home. The aircraft were sold for $46 million to European cargo airline Challenge Group after three years of litigation. The grounded airline informed the Bombay Stock Exchange about the execution of the sale agreement. Malta-based Ace Aviation, which is part of the Challenge Group, had won the bid to acquire the three aircraft in October 2022. The company executed letters of intent and had deposited earnest money to proceed with the purchase. The successful conclusion of this transaction represents a landmark development in India’s aviation and insolvency landscape. The deal sets a key precedent and reference model for future transactions of a similar nature involving aviation assets, as per a report.