Jet Airways was India’s premier full-service airline - a scheduled carrier that flew passengers and cargo on domestic and international routes - until a financial collapse grounded its entire fleet in April 2019 and pushed it into insolvency. Born in 1993, it grew into a hub-and-spoke operation running 289 international flights in just over a fortnight at its peak, but the crisis proved terminal: after a five-year resolution effort failed, the Supreme Court ordered its liquidation in November 2024, and the company now exists only to sell its remaining assets and wind up. Everything Jet Airways once was - and everything it is today - flows from that single arc: a full-service airline that stopped flying, entered a court-supervised resolution, and is now being dismantled piece by piece under a court-appointed liquidator. # Business segments A single business - scheduled air transportation - that has been grounded since April 2019, leaving the company with no operating segments and a liquidation mandate to sell aircraft, real estate, and other assets. ## 1. Scheduled air transportation: the business that stopped **Jet Airways earned its money by selling seats and cargo space on flights within India and abroad, but all operations ceased in April 2019 and have never resumed.** - **Passenger tickets were the core** - the company acted as the principal in every sale, paying commission to agents and recognising revenue only when the flight actually operated, with settlement routed through IATA’s Billing and Settlement Plan. - **Cargo and extras filled the hold** - beyond passengers, the airline earned from carrying freight, charging for excess baggage, and leasing out aircraft, with export incentives accrued when the right to receive them was reasonably certain. - **No single customer called the shots** - trade receivables were spread thin enough that no one counterparty accounted for more than 10% of the outstanding total as of March 2020. - **Credit losses were priced in upfront** - the company used a provision matrix that assumed 2% of not-yet-due receivables would go bad, rising in steps to a full 100% write-off for anything more than 180 days past due. - **The fleet vanished before the resolution began** - lessors seized all 22 aircraft that had been under operating lease after payment defaults, and four finance-leased aircraft were deregistered and repossessed even before the insolvency process started. ## 2. Aircraft and asset disposals: what the company does now **With no flights to operate, Jet Airways today is a vehicle for selling the aircraft, engines, and property it still owns - converting metal and concrete into cash for creditors.** - **Six Boeing 777s were bought out during insolvency** - the company exercised a buyout option under six 2007-vintage lease agreements, paying a bullet sum of USD 13 million to acquire clear title, funded by the proposed sale of its BKC office property in Mumbai. - **One plane was sold under Dutch proceedings** - a Boeing 777 parked at Amsterdam’s Schiphol Airport, held by a parallel Dutch administrator, was sold for USD 9 million in September 2021, with proceeds first covering the Dutch process costs and any surplus returning to India. - **The BKC headquarters has been assigned** - the company’s 52,202-square-meter office in Mumbai’s Bandra Kurla Complex was transferred via a deed of assignment in August 2025 for Rs 370.25 crore, subject to final approval from the Mumbai Metropolitan Region Development Authority. - **Boeing still holds a Rs 500-crore advance** - the company had paid Rs 500.11 crore to Boeing under a now-suspended agreement for 225 B737 aircraft, an asset that remains on the books as the liquidation proceeds. # Group structure and partners **Jet Airways sat atop a web of wholly owned service subsidiaries and an associate loyalty-platform business, all of which have been swept into the same insolvency and liquidation process.** - Four wholly owned subsidiaries - Airjet Ground Services, Airjet Engineering Services, Airjet Security and Allied Services, and Airjet Training Services - provided ground handling, maintenance, security, and training exclusively to the parent airline. - Jet Privilege Private Limited, the associate that ran the JetPrivilege frequent-flyer programme, pivoted after the grounding to an online travel-booking platform selling air tickets and hotels, and was valued as part of the failed resolution plan at a 7.5% equity stake within a roughly Rs 4,783-crore package. - Promoter Naresh Kumar Goyal’s holding fell from 51% to 24.99% between March 2019 and March 2020, and upon the November 2024 liquidation order all powers of the board, key managers, and partners ceased, vesting solely in the court-appointed liquidator.