Jet Airways Aircraft Auction Records Strong Bids; Two Boeing 777s Sold Above Reserve Price
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Liquidator completes e-auction process with significant premium over base value
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The liquidation process of Jet Airways (India) Ltd has taken a significant step forward, with two of its Boeing 777 aircraft successfully sold through an e-auction process at values substantially higher than their reserve prices. The development comes as part of the ongoing asset monetisation exercise being conducted under the Insolvency and Bankruptcy framework.
According to the latest update, the e-auction was conducted via the BAANKNET platform in accordance with the Insolvency and Bankruptcy Board of India (IBBI) Liquidation Process Regulations, 2016. The process was carried out under the supervision of the liquidator, in consultation with the Stakeholders’ Consultation Committee. The first aircraft, a Boeing 777-300ER (MSN 35157, registered as VT-JET), had a reserve price of Rs 1,71,80,50,000. It attracted a highest bid of Rs 3,09,24,90,000, with Ace Aviation XIV Limited emerging as the successful bidder.
The second aircraft, also a Boeing 777-300ER (MSN 35160, registered as VT-JEU), carried a reserve price of Rs 1,84,95,00,000 and received a highest bid of Rs 2,58,93,00,000.
In total, the two aircraft had a combined reserve price of Rs 3,56,75,50,000, while the cumulative highest bids reached Rs 5,68,17,90,000. This represents a significant premium over the base value, indicating strong investor interest in high-value aviation assets despite the ongoing liquidation scenario. The sale process included detailed steps such as public announcement, issuance of an Asset Sale Process Memorandum, and transparent bidding through the designated e-auction platform. The outcome reflects improved price discovery and competitive participation in the auction.
About the company
Incorporated in 1993, Jet Airways Ltd provides scheduled air transportation which includes carriage of passengers, cargo and allied services
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Disclaimer: The article is for informational purposes only and not investment advice.