Two Boeing 777-300ERs of Jet Airways to go under the hammer; reserve price fixed at Rs 356 crore

In the most significant asset disposition since the grounding of the airline, Jet Airways (India) Limited (in Liquidation) has officially initiated the e-auction process for two of its wide-body Boeing 777-300ER aircraft. The public announcement, issued by Liquidator Satish Kumar Gupta on February 22, 2026, invites bids for assets that were once the crown jewels of the defunct airline’s fleet.

The sale of Asset ID 3751 (Aircraft VT-JEU) and Asset ID 3753, both located in Delhi, carries a combined reserve price of over ₹356 crore, marking a critical step in monetizing the liquidation estate following the formal demise of the corporate debtor.

The long road from resolution to ruin

This e-auction represents the final chapter of a tragic saga that began over six years ago. Jet Airways, once India’s premier full-service carrier, was admitted into the Corporate Insolvency Resolution Process (CIRP) on June 20, 2019, after failing to service its massive debt.

After multiple failed attempts to find a buyer, the Jalan-Kalrock Consortium (JKC) emerged as the Successful Resolution Applicant (SRA), with the NCLT approving the plan on June 22, 2021. However, the revival plan never took off. The process was plagued by disputes over the fulfillment of conditions precedent, payment of CIRP costs, and the implementation timeline.

The Supreme Court’s intervention

The bone of contention remained the payment of the first tranche of ₹350 crore and the adjustment of a ₹150 crore Performance Bank Guarantee (PBG). On January 18, 2024, the Supreme Court explicitly directed that the PBG could not be adjusted against the payment and must remain alive until the plan was fully implemented. Despite this, JKC failed to deposit the full amount, infusing only ₹200 crore and seeking to adjust the PBG for the remainder.

Exasperated by the “inordinate delay,” a three-judge bench of the Supreme Court on November 7, 2024, invoked its powers under Article 142 of the Constitution to order the liquidation of Jet Airways. The Court termed the case an “eye-opener,” noting that “timely liquidation is indeed preferred over endless resolution”. It further ordered the forfeiture of the ₹200 crore infused by JKC and allowed lenders to encash the ₹150 crore PBG.

The assets on the block

Following that landmark judgment, the liquidation process has commenced. The assets currently listed for auction are:

• Aircraft Boeing-777-300ER with engines and APU. Reserve Price: ₹1,71,80,50,000.
• Aircraft Boeing-777-300ER with engines and APU. Reserve Price: ₹1,84,95,00,000.

The sale is strictly on an “as is where is” and “without recourse” basis. Interested bidders must submit eligibility documents and an Earnest Money Deposit (EMD) ranging from approximately ₹17 crore to ₹18.5 crore by March 24, 2026. The e-auction is scheduled for March 27, 2026, on the BAANKNET platform.

With the airline’s Air Operator Certificate (AOC) now a relic of the past and the assets being stripped, the e-auction on March 27 will officially mark the dismantling of what was once India’s largest private airline.

Also See: Bank of Baroda emerges top bidder for Jet Airways prime BKC Office