Jet Airways to Transfer Mumbai Office Lease for ₹370 Crore Amidst Liquidation
Jet Airways, which ceased operations in April 2019 due to financial troubles, has taken a significant step in its liquidation process. The airline has executed an agreement to transfer the lease of its office space in Mumbai to Parthos Properties Pvt Ltd for a consideration of ₹370.25 crore. This transaction is subject to approval from the Mumbai Metropolitan Region Development Authority (MMRDA) and is being conducted under the provisions of the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations.
The proposed lease transfer is part of Jet Airways' efforts to liquidate its assets and settle its debts. The office space in question is located at C-68, G-Block, Bandra Kurla Complex, CTS No. 4207 Kole Kalyan, Taluka Andheri, Mumbai. The documents for the transfer, including the deed of assignment, have been executed and submitted to the BSE in a regulatory filing dated August 26, 2025.
Jet Airways, once a prominent player in the Indian aviation industry, operated for 25 years before shutting down operations due to financial headwinds. The airline's financial troubles led to unpaid salaries and mounting debts, prompting lenders to refer the ailing carrier for resolution under the IBC. Despite a winning bidder being identified, the resolution plan could not be implemented due to multiple issues. After a series of legal proceedings, the Supreme Court ordered the liquidation of Jet Airways in November 2024.
The company's liquidation process has been ongoing, and this lease transfer is a crucial step towards settling its liabilities. At its peak, Jet Airways operated over 120 aircraft, but by the time operations halted, the airline had only around 16 planes. The last flight, S2-3502, took off from Amritsar on April 17, 2019, and landed at Mumbai's Chhatrapati Shivaji International Airport in the early hours of April 18, 2019. The aircraft used for this final flight, a Boeing 737-800, was later leased to SpiceJet, a no-frills airline.
Trading in Jet Airways' shares remains suspended due to procedural reasons. The airline's low-cost arm, JetLite, also ceased operations, and its assets have been gradually liquidated. The transfer of the Mumbai office lease to Parthos Properties Pvt Ltd is a significant milestone in the liquidation process, potentially paving the way for further asset disposals and debt settlements.
The real estate market in Mumbai, particularly in the Bandra Kurla Complex, has seen significant activity in recent years. This area is a key business district in Mumbai, making the Jet Airways office space a valuable asset. The transfer of this lease is expected to have a positive impact on the local real estate market and could set a precedent for other companies undergoing similar processes.
In conclusion, the transfer of Jet Airways' Mumbai office lease for ₹370 crore is a strategic move in the airline's liquidation process. It not only helps in settling debts but also highlights the resilience of the real estate market in Mumbai. The transaction, subject to MMRDA approval, is a significant step towards the airline's financial closure and the potential revitalization of its assets.
