MUMBAI: The last of the assets, which include four Boeing aircraft, an Audi A6, a few Maruti and Honda cars, reusable aircraft components, engineering equipment, and catering inventory, of Jet Airways are going under the hammer this month, marking the last chapter of an iconic airline that ruled the skies when flying was good.
The auctions through this month come more than seven years after the Naresh Goyal-founded airline went belly up in April 2019. Jet Airways, which was the country’s largest private airline with fleet of over 120 aircraft and a market share in excess of 20%, till it stopped flying in April 2019 weighed down by a serious cash crunch sought to enter insolvency proceedings.
In 2021, a consortium called Jalan Kalrock emerged as a successful bidder. But the consortium spent years in legal disputes with lenders, the monitoring committee and other stakeholders over issues ranging from ownership transfer and payment obligations to the implementation of the resolution plan prepared by Ashish Chhawchharia of Grant Thornton.
Although the consortium obtained an air operator certificate and outlined plans to resume operations, the airline never returned to the skies. In late 2024, the National Company Law Appellate Tribunal upheld liquidation after finding that Jalan Kalrock failed to implement the approved resolution plan within the stipulated timelines.
According to sources, the liquidators overseeing the airline's assets have initiated auctions for a range of items—from four passenger aircraft, aircraft components worth crores of rupees to office stationery, cutlery, crew uniforms and even the cars used by staff, according to sources.
The auctions will be conducted through the reminder of July and on completion will mark the final chapters in the winding-up of the carrier, the source told TNIE Monday. The assets are spread across Delhi, Mumbai and Hyderabad. Among the most valuable assets on offer are four Boeing aircraft—a Boeing 737-800 has a reserve price of Rs 90.02 crore, two 737-800s carry a price tag of Rs 70.64 crore each and a fourth one, a Boeing 737-900, has a reserve price of just Rs 4.93 crore as it does have the right engine and the auxiliary power unit, according to the source.
The auction also includes reusable engineering inventories items that would be of interest to other airlines, MROs, aircraft lessors and spare parts suppliers. The inventory list also include wheels, avionics, and aircraft systems. Also on the block are engineering consumables and tooling for A330s, B777s, Boeing 737 NGs and 737 Max and ATR72s. The lots include avionics, actuators, cabin interiors, in-flight entertainment systems, mechanical parts and safety equipment.
There are also three aircraft meal carts with an asking price of Rs 2.26 crore, while catering inventories, including cutlery, glassware and service equipment carry a reserve value of Rs 3.19 crore. Crew uniforms and footwear, valued at Rs 1.1 lakh, and printing and stationery materials worth Rs 6.12 lakh, are also up for grabs. The vehicle fleet includes an Audi A6, four Honda City cars, three Maruti Swift Dzires, a Maruti SX4 and a Maruti Eeco, together carrying a reserve value of nearly Rs 40 lakh.