NEW DELHI | MUMBAI: Jet Airways, which is in the process of liquidation, announced on Wednesday that it has signed an agreement to transfer its office lease in Mumbai for over Rs 370 crore.
The lease transfer is pending approval from the Mumbai Metropolitan Region Development Authority (MMRDA) and will be executed in accordance with the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations, as stated in a regulatory filing.
After 25 years of service, the once-renowned Jet Airways halted its operations in April 2019 due to financial challenges, leading lenders to initiate resolution processes under the IBC.
During the insolvency resolution, the chosen bidder faced difficulties implementing the plan. Following prolonged legal proceedings, the Supreme Court ordered the airline’s liquidation in November 2024.
“The company has signed the deed of assignment and related documents to transfer the lease and rights to its office space located at C-68, G-Block, Bandra Kurla Complex, CTS No. 4207 Kole Kalyan, Taluka Andheri, Mumbai, pending MMRDA approval,” the filing detailed.
The lease will be transferred to Parthos Properties Pvt Ltd for Rs 370.25 crore, the filing noted.
A letter dated August 26, signed by Jet Airways CFO Ramesh Sundaram, has been submitted as part of the BSE filing.
Trading of Jet Airways shares is currently suspended for procedural reasons.
At its peak, Jet Airways operated over 120 aircraft. When it ceased operations, it had around 16 owned planes. The airline’s last flight, S2-3502, departed from Amritsar at 10:30 PM on April 17, 2019, and landed at Mumbai’s Chhatrapati Shivaji International Airport at 12:22 AM on April 18, operated by JetLite using a Boeing 737-800, later leased to SpiceJet.
