Jet Airways Transfers Mumbai Office Space Lease for ₹370 Crore Amid Liquidation
Jet Airways, currently undergoing liquidation, has agreed to transfer the lease of its Mumbai office space for ₹370 crore. The transfer, subject to MMRDA approval, is part of the IBC and Liquidation Regulations process.
Jet AirwaysMumbai Office SpaceLease TransferLiquidationMmrdaReal Estate NewsAug 28, 2025
After flying for 25 years, the once storied Jet Airways shuttered operations in April 2019, following financial headwinds and subsequently, lenders referred the ailing airline for resolution under the IBC. Under the insolvency resolution process, the winning bidder was unable to implement the resolution plan due to multiple issues, and after long-drawn legal proceedings, the Supreme Court, in November 2024, ordered the liquidation of the carrier.
The company has executed the deed of assignment and other related documents in order to transfer lease and related rights of the company over leased premises. The office space, located at C-68, G-Block, Bandra Kurla Complex, CTS No. 4207 Kole Kalyan, Taluka Andheri, Mumbai, 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, about the deed has been submitted as the filing to the BSE.
Currently, trading in the shares of Jet Airways remains suspended due to procedural reasons. At the peak of its operations, Jet Airways had a little over 120 planes. When the operations came to a halt due to mounting debt woes and unpaid salaries, the airline had around 16 own planes. On April 17, 2019, the airline's last flight S2-3502 took off from Amritsar around 10.30 pm and touched down at Mumbai's Chhatrapati Shivaji International Airport at 12.22 am on April 18. Jet Airways' low-cost arm JetLite operated the flight with a Boeing 737-800 aircraft, which was later taken on lease by no-frills airline SpiceJet.
Frequently Asked Questions
What is the amount for which Jet Airways is transferring its Mumbai office space lease?
Jet Airways is transferring its Mumbai office space lease for ₹370.25 crore.
Who is the entity to which Jet Airways is transferring the lease?
The lease is being transferred to Parthos Properties Pvt Ltd.
What regulatory body's approval is required for the lease transfer?
The lease transfer is subject to approval from the Mumbai Metropolitan Region Development Authority (MMRDA).
Under which regulations is the lease transfer being conducted?
The lease transfer is being conducted under the provisions of the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations.
When did Jet Airways cease operations?
Jet Airways ceased operations in April 2019.
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