Landmark Aviation Deal: Ace Aviation Signs Sale and Purchase Agreements (SPAs) for 3 Jet Airways Boeing 777s.
Ace Aviation Jet Airways Boeing-777.
Ace Aviation In a major development in India’s aviation insolvency landscape, Malta-based Ace Aviation has signed Sale and Purchase Agreements for three Boeing 777-300ER aircraft previously owned by Jet Airways.
The widebody aircraft are currently parked at Mumbai’s Chhatrapati Shivaji Maharaj International Airport and were acquired following a protracted insolvency process.
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First-of-its-Kind Sale Under Insolvency Framework
The transaction marks the first instance in India where Boeing 777 widebody aircraft have been sold under the insolvency or liquidation framework.
Ace Aviation had emerged as the successful bidder in October 2022 through a competitive auction initiated during Jet Airways’ insolvency proceedings. The deal faced multiple rounds of litigation before various forums, including the Supreme Court, before culminating in the signing of SPAs in Dubai on January 20, 2026.
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Petrushka Dasgupta, Dentons Link Legal.
Dentons Link Legal Steers Complex Deal
Dentons Link Legal advised Ace Aviation throughout the bidding, litigation, and final execution stages. The multi-office team was led by Partner Petrushka Dasgupta, with support from lawyers across its Mumbai and Delhi offices.
The successful conclusion sets a precedent for distressed aviation asset sales in India and may serve as a reference model for future cross-border insolvency transactions involving high-value aircraft assets.
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