Jet Airways' Mumbai Office Lease Sold Amid Liquidation!

Jet Airways, the once-iconic airline now navigating liquidation, has finalized an agreement to transfer the lease of its Mumbai office space for ₹370.25 crore to Parthos Properties Pvt Ltd. The deal, pending approval from the Mumbai Metropolitan Region Development Authority (MMRDA), involves office No. 201 on the entire second floor of a building located at C-68, G-Block, Bandra Kurla Complex, CTS No. 4207 Kole Kalyan, Taluka Andheri, Mumbai. This transfer is being executed under the provisions of the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations, as outlined in a regulatory filing submitted to the BSE.

Jet Airways, which ceased operations in April 2019 after 25 years of service due to severe financial distress, faced a turbulent insolvency resolution process. Despite efforts to revive the airline, the winning bidder failed to implement the resolution plan, leading to a Supreme Court order in November 2024 mandating the carrier’s liquidation. The airline, which once operated a fleet of over 120 aircraft, was reduced to just 16 owned planes by the time it grounded its operations, crippled by mounting debts and unpaid salaries.

The lease transfer agreement was formalized through a deed of assignment and related documents, as confirmed in a letter dated August 26, 2025, signed by Jet Airways’ Chief Financial Officer, Ramesh Sundaram. The filing noted that trading in Jet Airways’ shares remains suspended due to procedural reasons.

Also Read: Ganeshotsav 2025 Begins: Mumbai Erupts in Devotion and Dhol Beats!

Jet Airways’ final flight, S2-3502, operated by its low-cost arm JetLite, departed Amritsar at 10:30 pm on April 17, 2019, and landed at Mumbai’s Chhatrapati Shivaji International Airport at 12:22 am on April 18, 2019. The Boeing 737-800 used for that flight was later leased to SpiceJet, marking the end of an era for the airline that once dominated India’s skies.

This lease transfer represents a significant step in the liquidation process, as Jet Airways continues to dismantle its assets to address its financial obligations.

Also Read: Mumbai Monorail Mess: 2 Officials Suspended!