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Grounded airline Jet Airways has signed a definitive agreement to transfer the lease of its Bandra-Kurla Complex (BKC) corporate office in Mumbai for INR 370.25 crore as part of its liquidation process. The lease will be assigned to Parthos Properties Pvt Ltd, subject to approval from the Mumbai Metropolitan Region Development Authority (MMRDA). Conducted under the Insolvency and Bankruptcy Code (IBC), the sale marks an important step in monetizing Jet's assets to repay creditors. Once India's premier private airline, Jet suspended operations in April 2019 after financial collapse, and a failed resolution plan eventually led to a Supreme Court-ordered liquidation in 2024.
Grounded airline Jet Airways has entered into a definitive agreement to transfer the lease of its corporate office in Mumbai for a consideration of INR 370.25 crore. The transfer of the office space, located in the prestigious Bandra-Kurla Complex (BKC), is part of the ongoing liquidation process of the airline, which was ordered by the Supreme Court in November 2024. Advertisement
The lease will be transferred to Parthos Properties Pvt Ltd, which has agreed to the terms. The deal is subject to approval from the Mumbai Metropolitan Region Development Authority (MMRDA), the land's governing authority. The transaction is being conducted under the Insolvency and Bankruptcy Code (IBC) and relevant liquidation regulations.
The airline, which operated for 25 years, suspended all flight operations in April 2019 due to severe financial distress. A subsequent resolution plan under the IBC failed to materialize, leading to the liquidation order. The sale of the BKC office space represents a key step in monetizing the company's assets to settle its financial obligations.
Source: PTI
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