Jet Airways (India) Ltd News

Jet Airways to transfer Mumbai office lease to Parthos for ₹370 crore

Jet Airways, which is undergoing liquidation, on Wednesday said it has executed an agreement to transfer the lease of its office space in Mumbai to an entity for a little over Rs 370 crore. The proposed lease transfer, subject to approval from the Mumbai Metropolitan Region Development Authority (MMRDA), is being conducted under the provisions of the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations, according to a regulatory filing. After flying for 25 years, the once storied Jet Airways shuttered operations in April 2019, following financial headwinds and subsequently, lenders referred the ailing airline for resolution under the IBC. Under the insolvency resolution process, the winning bidder was unable to implement the resolution plan due to multiple issues, and after long-drawn legal proceedings, the Supreme Court, in November 2024, ordered the liquidation of the carrier. "The company has executed the deed of assignment and other related documents in order to ...