Since Jet Airways shut down operations in April 2019, three Boeing 777s have sat idle at one of India’s busiest airports while negotiations stalled for Ace Aviation (part of the Challenge Group), as the Jalan Kalrock Consortium had won a bid to take over and revive the Indian carrier Jet Airways under a resolution process.

These revival efforts never took place, and after almost six years post the carrier’s dissolution, the path was eventually cleared for the Boeing 777s asset disposal through insolvency proceedings. This will now see the Boeing 777s take flight once again, after six years on the ground, for the European cargo operator.

Six Years Grounded

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As reported by Aerospace Global News, the three Boeing 777s will now find a new home, bringing this long-winded story to its final chapter, as one of the most prolonged asset recovery battles in recent Indian aviation history. The now liquidated Jet Airways informed the Bombay Stock Exchange on February 11 that the final execution of the sale and purchase agreements for the three remaining 777s had been executed, and the sale price of $46 million.

Ace Aviation, which is part of the Challenge Group, will take ownership of these airplanes, destined to support their European cargo operations. This will see the first time that Boeing 777s have been resolved through the Indian IBC (Insolvency and Bankruptcy Code) framework. Once a flagship aircraft for Jet Airways and the backbone of its international operations, it will now undertake a new identity for Challenge.

There are still further questions being raised around the unpaid parking dues that have accumulated over the last six years as the aircraft have sat idle at Chhatrapati Shivaji Maharaj International Airport, Mumbai (BOM).

New Home Found

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Since Jet Airways ceased operations in April 2019, these three aircraft had been originally won by Ace Aviation under a bidding process in October 2022, and the Malta-based carrier had paid the required deposit for the sale and purchase to proceed. However, the sale was ultimately stalled when Jalan Kalrock Consortium (a UAE-based businessman, Murari Lal Jalan, and Kalrock Capital, part of the Fritsch Group) had also won an earlier bid to revive the Indian carrier.

The attempt to revive Jet Airways ultimately failed, and saw the apex court ultimately order the liquidation of these aircraft, clearing the way for the planes to be disposed of under insolvency proceedings. A consent agreement was eventually reached in August 2025, and in December, the airport issued a no-objection certificate allowing the sale to go forward. The three aircraft involved in the dispute were (as noted by Aerospace Global News):

Now these grounded aircraft will find a new lease of life for Challenge Group, from what were once a symbol of Jet Airways aspirations to become a truly global airline.

Jet Airways Demise

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Established in 1993, the indian full serivce carrier was based out of Delhi and operated both domestic, short-haul, and long-haul international flights from India. The airline quickly grew to become one of the largest in the country, and demanded a 21% market share. At its peak, it operated more than 300 daily flights to more than 74 destinations worldwide, including its scissor hub in Brussels (before this moved to Amsterdam), which led to onward trans-Atlantic operations.

Increasing financial losses led to the airline’s bleak financial outlook, and in March 2019 that airline had a quarter of its aircraft grounded due to unpaid lease rates. By April 2019, the airline suspended all operations, and the future of the carrier was uncertain. A number of groups attempted to rescue the airline, but these ultimately failed.

The three remaining Boeing 777-300ERs now destined for Ace Aviation will support Challenge in providing its specialised cargo transport. The airline, based in Malta, currently operates a fleet of Boeing 767-300F freighters, and according to their website, operates three airlines across Israel, Belgium, and Malta, with more than 1,000 employees. It also maintains ground handling operations in Liege, Belgium, and a line maintenance division, Challenge Technic.