Jet Airways to Transfer Mumbai Office Space Lease for ₹370 Crore
Jet Airways, currently undergoing liquidation, has agreed to transfer its Mumbai office space lease to Parthos Properties Pvt Ltd for ₹370.25 crore, subject to MMRDA approval.
Jet AirwaysMumbaiOffice SpaceLease TransferParthos PropertiesReal Estate MumbaiAug 27, 2025
After operating for 25 years, Jet Airways ceased operations in April 2019 due to financial difficulties. The airline was subsequently referred for resolution under the IBC by its lenders. Despite the winning bidder's efforts, the resolution plan could not be implemented due to various issues. After prolonged legal proceedings, the Supreme Court ordered the liquidation of the airline in November 2024.
The company has executed the deed of assignment and other related documents to transfer the lease and related rights over the premises located at C-68, G-Block, Bandra Kurla Complex, CTS No. 4207 Kole Kalyan, Taluka Andheri, Mumbai. The lease will be transferred to Parthos Properties Pvt Ltd for a consideration of ₹370.25 crore. A letter dated August 26 and signed by Jet Airways Chief Financial Officer Ramesh Sundaram has been submitted as the filing to the BSE.
Jet Airways, once a prominent player in the Indian aviation industry, had a fleet of over 120 planes at its peak. When operations halted in April 2019, the airline had around 16 own planes. The last flight, S2-3502, took off from Amritsar around 10.30 pm on April 17, 2019, and landed at Mumbai’s Chhatrapati Shivaji International Airport at 12.22 am on April 18. The Boeing 737-800 aircraft used for this flight was later leased to SpiceJet.
Currently, trading in the shares of Jet Airways remains suspended due to procedural reasons. The transfer of the Mumbai office space lease is a significant step in the liquidation process, aimed at maximizing the value of the assets for the stakeholders.
Frequently Asked Questions
Why is Jet Airways transferring its Mumbai office space lease?
Jet Airways is transferring its Mumbai office space lease to Parthos Properties Pvt Ltd as part of its liquidation process under the provisions of the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations. This is aimed at maximizing the value of the assets for stakeholders.
What is the consideration for the lease transfer?
The consideration for the lease transfer is ₹370.25 crore.
Who is Parthos Properties Pvt Ltd?
Parthos Properties Pvt Ltd is the entity to which Jet Airways has agreed to transfer the lease of its office space in Mumbai.
What is the role of MMRDA in this lease transfer?
The lease transfer is subject to approval from the Mumbai Metropolitan Region Development Authority (MMRDA).
Why did Jet Airways cease operations?
Jet Airways ceased operations in April 2019 due to financial difficulties, including mounting debt and unpaid salaries. The airline was subsequently referred for resolution under the IBC by its lenders.
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