Challenge Group Buys Grounded Jet Airways Boeing 777-300ERs for Millions
Jet Airways' Boeing 777-300ERs have been sold for millions of dollars after being grounded for seven years. The Indian airline suspended operations in April 2019 due to financial problems, which left it with over $1.2 billion in debt and a fleet of almost 120 aircraft.
The airline retained five Boeing 777-300ERs that it owned outright, including VT-JEV, which was sold for $12.5 million. Three of the aircraft were sold to Ace Aviation in February 2026 as part of the liquidation process under India's Insolvency and Bankruptcy Code.
The sale was conducted after the Supreme Court of India ordered the liquidation of Jet Airways in November 2024, ending the revival effort and directing that the airline's assets be sold to recover funds. The court-appointed liquidator took control of two more 777-300ERs parked at Indira Gandhi International Airport in Delhi and put them up for sale through e-auction.
Ace Aviation eventually won the auction for approximately $61.4 million, with VT-JET selling for $33 million and VT-JEU selling for $27 million.