Intimation regarding agreement to Sale the Asset
Awaiting price reaction for this filing.
Jet Airways (India), which is under liquidation, has entered into three Sale and Purchase Agreements to sell three aircraft frames along with their engines to three separate Malta-based buyers (Ace Aviation IX, X, and VIII Limited). The three aircraft — VT-JES, VT-JEV, and VT-JEM — have been sold for USD 16 million, USD 12.5 million, and USD 17.5 million respectively, totalling USD 46 million. These sales are being carried out as part of the company's liquidation process under the Insolvency and Bankruptcy Code, 2016, following consultation with the Stakeholders' Consultation Committee and an NCLT order. The buyers are not related to the promoters and hold no shares in the company, meaning these are arm's-length transactions.
This is a routine asset monetisation step during the company's ongoing liquidation, helping recover value for creditors and stakeholders. Shareholders should not expect any operational revival, as the focus remains entirely on winding-up asset sales.