Malta-based Ace Aviation, a member of the Challenge Group, has successfully signed the Sale and Purchase Agreements (“SPAs”) for the acquisition of 3 Boeing 777-300ER aircraft previously owned by Jet Airways (India) Ltd. (“Jet Airways”) and currently parked at Chhatrapati Shivaji Maharaj International Airport, Mumbai.
Ace Aviation had emerged as the successful bidder for the three aircraft in October 2022, pursuant to a competitive auction process initiated by the erstwhile Resolution Professional of Jet Airways as part of the insolvency proceedings. The transaction saw an extended and complex legal journey spanning more than three years, involving multiple rounds of litigations across various judicial forums including before the Hon’ble Supreme Court of India and finally culminated with the signing of the SPAs in Dubai on 20.01.2026.
The successful conclusion of this transaction represents a landmark development in India’s aviation and insolvency landscape. It marks the first instance where Boeing 777 widebody aircraft have been sold under the insolvency/liquidation framework. The deal also sets a key precedent and reference model for future transactions of a similar nature involving aviation assets under distressed circumstances.
Dentons Link Legal has assisted Ace Aviation throughout the entire transaction- from the bidding process, the litigation as well as the final execution of the SPAs. The team comprised of Petrushka Dasgupta (Partner), Krishna Baruah (Principal Associate) and Kewal Buddhdev (Associate) from the Bombay Team and with the invaluable support and contribution of Mridul Yadav (Principal Associate) and Raghav Mittal (Senior Associate) from the Delhi Team.