News Orders & Deals Jet Airways Announces E-Auction of Two Boeing 777 Aircraft Worth ₹356.76 CroreJet Airways Announces E-Auction of Two Boeing 777 Aircraft Worth ₹356.76 Crore
Jet Airways (India) Limited announces e-auction of two Boeing 777-300ER aircraft scheduled for March 27, 2026, with combined reserve price of ₹3,56,75,50,000. The liquidator will conduct separate auctions for each Delhi-based aircraft through BAANKNET platform, requiring document submission and earnest money deposits by March 24, 2026. The sale operates under IBC regulations with provisions for both domestic and international bidders.
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Jet Airways (India) Limited, operating under liquidation proceedings, has formally announced the e-auction of two Boeing 777-300ER aircraft as part of its asset liquidation process. The announcement, made through regulatory filings to BSE and NSE, outlines the sale of aviation assets worth over ₹350 crore.
Asset Details and Auction Structure
The liquidation process involves two Boeing 777-300ER aircraft currently stationed in Delhi. Each aircraft will be auctioned separately through the BAANKNET e-auction platform, mandated by the Insolvency and Bankruptcy Board of India (IBBI).
| Aircraft Details | Auction ID | Reserve Price (₹) | Earnest Money (₹) | Bid Increment (₹) |
|---|---|---|---|---|
| Boeing 777-300ER VT-JET (Asset ID: 3751) | 2914 | 1,71,80,50,000 | 17,18,05,000 | 8,59,02,500 |
| Boeing 777-300ER VT-JEU (Asset ID: 3753) | 2915 | 1,84,95,00,000 | 18,49,50,000 | 9,24,75,000 |
| Total Reserve Value | - | 3,56,75,50,000 | 35,67,55,000 | - |
Both aircraft include complete engine specifications, with the VT-JET featuring LH Engine 906343, RH Engine 906363, and APU Honeywell P-1728, while the VT-JEU is equipped with LH Engine 906341, RH Engine 906299, and APU Honeywell P-1754.
Auction Timeline and Process
The liquidator has established a structured timeline for the auction process, with specific deadlines for document submission and bidding procedures.
| Process Stage | Date and Time |
|---|---|
| Document Submission Deadline | March 24, 2026, 8:00 PM |
| EMD Deposit Deadline | March 24, 2026, 8:00 PM |
| E-Auction Date | March 27, 2026, 10:00 AM to 8:00 PM |
| Final Payment Deadline | Within 60 days of demand letter |
Prospective bidders must submit eligibility documents, Section 29A undertakings, and earnest money deposits through the BAANKNET platform. The auction will accommodate both domestic and international bidders, with specific provisions for foreign participants outlined in the Asset Sale Process Memorandum dated February 22, 2026.
Regulatory Framework and Conditions
The sale operates under the Insolvency and Bankruptcy Code, 2016, and IBBI (Liquidation Process) Regulations, 2016. Mr. Satish Kumar Gupta, the appointed liquidator with IP Registration No. IBBI/IPA-001/IP-P00023/2016-17/10056, conducts the process in consultation with the Stakeholders' Consultation Committee.
Key conditions include:
- Assets sold on "as is where is" basis without warranties
- Separate bids required for each aircraft
- Section 29A eligibility requirements for all bidders
- Reserve prices exclude taxes, duties, and transfer fees
- Liquidator reserves right to cancel auction without assigning reasons
Contact Information and Support
For auction-related queries, prospective bidders can contact Mr. Nikhil Lele (+91-9923695656) from the liquidator's team at jetliquidation@in.ey.com with the subject line "Aviation Assets Auction - B777". Technical support for the BAANKNET platform is available at +91 8291220220.
The comprehensive Asset Sale Process Memorandum and detailed bid documents are accessible on the BAANKNET platform at https://ibbi.baanknet.com , providing complete specifications and terms for interested bidders.
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