Jet Airways, the once-prominent Indian airline currently undergoing liquidation, has announced the transfer of its Mumbai office lease to Parthos Properties Pvt Ltd for a consideration of ₹370.25 crore. The lease transfer, which requires approval from the Mumbai Metropolitan Region Development Authority (MMRDA), is being carried out under the provisions of the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations, according to a regulatory filing by the company.
The lease in question pertains to Office No. 201, covering the entire second floor of the building located at C-68, G-Block, Bandra Kurla Complex, CTS No. 4207, Kole Kalyan, Taluka Andheri, Mumbai. Jet Airways has executed the deed of assignment and related documents to formalize the transfer of lease rights, pending regulatory approval. A letter dated August 26, signed by the airline’s Chief Financial Officer, Ramesh Sundaram, was submitted to the Bombay Stock Exchange as part of the official filing.
Jet Airways, which operated for 25 years, ceased its operations in April 2019 due to mounting financial challenges. At its peak, the airline maintained a fleet of slightly over 120 aircraft. However, at the time of operational shutdown, only around 16 planes were under its ownership, with other aircraft returned to lessors. Following the financial crisis, lenders referred Jet Airways to the IBC resolution process. The initial resolution plan by the winning bidder could not be implemented due to various issues, prompting the Supreme Court to order the airline’s liquidation in November 2024.
The lease transfer represents a key step in the airline’s liquidation process, allowing the company to monetise its remaining assets to satisfy creditors. Jet Airways’ office space in Mumbai, situated in one of the city’s prime commercial districts, holds significant value for real estate investors seeking Grade A commercial assets. The transaction underscores the increasing role of corporate real estate in resolving insolvency cases in India, providing an avenue for asset recovery under structured regulatory frameworks.
Trading in Jet Airways’ shares remains suspended due to procedural requirements associated with the liquidation process. The airline’s low-cost arm, JetLite, previously operated Boeing 737-800 aircraft, some of which were later leased to SpiceJet. The Mumbai office lease transfer forms part of the broader liquidation strategy, enabling the company to settle pending obligations, including dues to creditors and employees.
Industry analysts note that the transfer of commercial office leases from distressed companies is becoming more common as Indian insolvency regulations mature. Such transactions provide liquidity for creditors while offering investors access to prime office locations at negotiated valuations. In the case of Jet Airways, the Bandra Kurla Complex office represents a high-demand property within Mumbai’s central business district, making it an attractive acquisition for real estate firms like Parthos Properties.
.png)