Jet Airways to Transfer Mumbai Office Lease for Rs 3.7 Billion

29 Aug 2025 CW Team

Jet Airways, which is currently undergoing liquidation, has announced the execution of an agreement to transfer the lease of its office premises in Mumbai’s Bandra Kurla Complex (BKC) to Parthos Properties Pvt Ltd for Rs 3.70 billion. The transaction, conducted under the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations, is pending approval from the Mumbai Metropolitan Region Development Authority (MMRDA).

The airline disclosed in a regulatory filing that it has signed a deed of assignment and related documents for the lease transfer of Office No. 201, comprising the entire second floor of a building at C-68, G-Block, BKC, CTS No. 4207, Kole Kalyan, Andheri (Taluka), Mumbai. The filing, dated 26 August, was signed by Jet Airways' Chief Financial Officer Ramesh Sundaram and submitted to the BSE.

Jet Airways ceased operations in April 2019, after 25 years in the skies, amid mounting debt and unpaid employee dues. Though a resolution plan was initially approved under the IBC, its implementation faltered due to unresolved issues. In November 2024, the Supreme Court ordered the liquidation of the airline following prolonged legal proceedings.

At its peak, Jet Airways operated over 120 aircraft. By the time it grounded operations, only 16 aircraft remained under its ownership. The airline’s final flight, S2-3502, operated by its low-cost subsidiary JetLite, departed Amritsar at 10:30 pm on 17 April 2019 and landed in Mumbai shortly after midnight. That Boeing 737-800 aircraft was later taken on lease by SpiceJet.

Trading in Jet Airways’ shares remains suspended due to procedural reasons, while the liquidation process continues with asset sales such as the BKC lease helping recover dues for creditors.

Infrastructure Urban

09 Oct 2025

VECV to Manufacture Volvo Group’s Advanced AMTs in India

VE Commercial Vehicles (VECV), a joint venture between Volvo Group and Eicher Motors, announced an investment of Rs 5.44 billion to produce and assemble Volvo Group’s 12-speed Automated Manual Transmission (AMT). The greenfield facility will be set up at Vikram Udyogpuri Integrated Industrial Township near Ujjain, Madhya Pradesh, and will cater to India and select Asia-Oceania markets.This investment marks a new milestone in the 18-year VECV-Volvo collaboration, which has already made VECV a global hub for Volvo Group’s 5 & 8 Litre (MDEP) engines since 2013, reinforcing the Make in Ind..

Action TESA Drives Shift from Plywood to Engineered Wood Solutions

Action TESA, a leading player in India’s panel industry, is spearheading the market transition from traditional plywood to engineered wood solutions such as Moist Master, HDHMR, and Boilo. These high-performance boards are redefining modular furniture, kitchen, and decorative applications with superior durability, design flexibility, and finish quality.Engineered wood offerings from Action TESA provide consistent quality, dimensional stability, and smooth surfaces, unlike plywood, which can have knots or gaps. The Moist Master, HDHMR, and Boilo BWP FR boards ensure excellent machinability, m..

CREDAI-MCHI Donates Rs 30.65 Mn for Maharashtra Flood Relief

CREDAI-MCHI, the apex body of real estate developers in the Mumbai Metropolitan Region, has extended Rs 30.65 million to the Chief Minister’s Relief Fund to support rescue and rehabilitation efforts in flood-affected areas of central Maharashtra and neighbouring regions.The contribution was presented to Chief Minister Devendra Fadnavis by Sukhraj Nahar, President, and Rushi Mehta, Secretary, CREDAI-MCHI, in the presence of several leading developers from the Mumbai Metropolitan Region.A total of 44 member developers participated in this collective effort, underlining the real estate industry..