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.

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