Malta-based Ace Aviation, a member of the Challenge Group, has successfully executed Sale and Purchase Agreements (SPAs) for the acquisition of three Boeing 777-300ER aircraft formerly owned by Jet Airways (India) Ltd. The aircraft are presently parked at Chhatrapati Shivaji Maharaj International Airport, Mumbai.

Ace Aviation had emerged as the successful bidder for the three widebody aircraft in October 2022 pursuant to a competitive auction conducted by the erstwhile Resolution Professional of Jet Airways as part of its insolvency proceedings. The transaction witnessed a prolonged and complex legal journey spanning over three years, involving multiple rounds of litigation before various judicial forums, including the Supreme Court of India. The process culminated in the signing of the SPAs in Dubai on January 20, 2026.

The conclusion of the transaction marks a significant milestone in India’s aviation and insolvency ecosystem. It is the first instance of Boeing 777 widebody aircraft being successfully sold under the insolvency/liquidation framework in India, and is expected to serve as an important precedent for future distressed aviation asset transactions.

Dentons Link Legal advised Ace Aviation throughout the transaction, including during the bidding process, extensive litigation and the final execution of the SPAs. The advisory team was led by Petrushka Deas Dasgupta (Partner), along with Krishna Baruah (Principal Associate) and Kewal Buddhdev (Associate) from the firm’s Mumbai office, with support from Mridul Yadav (Principal Associate) and Raghav Mittal (Senior Associate) from the Delhi office.