The sale of three Jet Airways Boeing 777 aircraft to Malta based Challenge Group marks one of the most high profile cross border asset transfers in recent Indian aviation history. Concluded in February 2026 for a reported 46 million US dollars, the deal not only closes a long running chapter in the liquidation of Jet Airways, but also strengthens Malta’s growing role as an air cargo and aviation services hub. For global travelers and air cargo customers alike, the transaction illustrates how grounded passenger widebodies are being reborn as freighters and redeployed along new trade lanes linking India, Europe, the Middle East and beyond.

From Indian Flag Carrier to Liquidation: The Backdrop to the Sale

Once India’s premier full service airline with a fleet of more than 120 aircraft at its peak, Jet Airways ceased operations in April 2019 after years of mounting debt, unpaid dues and intensifying competition from low cost carriers. For several years after the shutdown, its fleet, including widebody Boeing 777 300ERs deployed on long haul routes to Europe and North America, sat idle at airports in Mumbai and Delhi as financiers, lessors and regulators haggled over an eventual rescue plan.

A proposed revival led by the Jalan Kalrock Consortium initially appeared to offer a way back. Approved in principle in 2021, the plan envisaged a slimmed down Jet Airways returning to the skies with a mixed narrowbody and widebody fleet. However, funding shortfalls, continuing disputes with creditors and repeated missed timelines undermined confidence in the proposal. By late 2024, India’s Supreme Court upheld a decision to liquidate Jet Airways, effectively ending hope of a full operational restart and clearing the way for a structured sale of remaining assets.

The Boeing 777s at the center of the latest transaction had long been viewed as among the most valuable pieces in the Jet Airways portfolio. Stored for years but fundamentally modern and in demand in the secondary market, they attracted interest from specialist cargo operators looking to convert passenger aircraft into long range freighters. Among the most persistent bidders was Challenge Group, a Malta based cargo conglomerate that had already begun building a fleet strategy around the Boeing 777 300ERSF, a high capacity passenger to freighter conversion.

The Deal: Three Boeing 777 300ERs, Six Engines and 46 Million Dollars

In a regulatory filing on February 11, 2026, Jet Airways’ liquidator confirmed the execution of sale and purchase agreements covering three Boeing 777 300ER aircraft and six engines with Ace Aviation, a Malta incorporated special purpose company within Challenge Group. Indian business media and aviation outlets put the total consideration at 46 million US dollars, equivalent to roughly 417 crore rupees at prevailing exchange rates.

The frames involved are identified as manufacturer serial numbers 35159, 35158 and 35162, previously registered in India as VT JES, VT JEV and VT JEM. Each frame is being sold together with its pair of GE90 engines, a crucial element for subsequent reactivation and conversion. While the aircraft have been parked for several years, they remain among the more desirable variants of the 777 family for freight conversion, combining range, payload and commonality with the global 777 fleet.

The transaction forms part of court supervised liquidation proceedings conducted under India’s Insolvency and Bankruptcy Code. It follows consultation with the Stakeholders’ Consultation Committee and formal signoff by the National Company Law Tribunal, ensuring that creditor interests and regulatory requirements are addressed. For observers of India’s insolvency framework, the deal is significant: it demonstrates that even complex cross border sales of high value aviation assets can be navigated through the country’s legal architecture, albeit with delays and litigation along the way.

An India–Malta Aviation Corridor Built on Cargo

Although this is fundamentally an asset sale between a grounded Indian carrier and a Maltese buyer, it effectively tightens emerging aviation ties between India and Malta. In recent years, Malta has sought to leverage its membership of the European Union and its strategic location in the central Mediterranean to position itself as a niche aviation jurisdiction. The country has actively encouraged aircraft registrations, maintenance activity and the establishment of air operator certificates under its regulatory umbrella.

Challenge Group has been at the forefront of that drive. Headquartered in Malta with operational bases in Europe and the Middle East, the group has progressively built its fleet around long haul freighters, including Boeing 747 400Fs and Boeing 767 300 converted freighters. In 2025 it registered the first Boeing 777 300 converted freighter in Europe under a Maltese 9H air operator certificate, a milestone hailed by Maltese officials as proof of the island’s growing relevance as a cargo aviation hub.

India, by contrast, is an aviation market defined primarily by fast growing passenger demand and intense competition among domestic carriers. Its long haul cargo and widebody operations have historically been more limited. The sale of ex Jet Airways 777s to a Maltese cargo group symbolically links these two very different aviation ecosystems. The aircraft will move from Indian registry into the Maltese system, but they are expected to continue serving trade lanes that include major Indian gateways such as Mumbai and Delhi, this time in an all cargo role.

Challenge Group’s Freighter Vision and the Big Twin Strategy

For Challenge Group, the acquisition aligns closely with a carefully articulated fleet modernization strategy centered on the Boeing 777 300ERSF, often referred to in industry circles as the Big Twin. Developed as a passenger to freighter conversion in partnership with Israel Aerospace Industries, the 777 300ERSF is designed to carry close to 100 tonnes of cargo, positioning it as a high volume alternative to older four engine freighters and even some newer designs.

In previous public statements, Challenge Group executives have outlined plans for up to ten 777 300ERSF aircraft over a five year horizon. The group has already taken delivery of one converted aircraft under lease and is working its way through a pipeline of additional frames being processed at conversion facilities. The ex Jet Airways airframes are expected to slot into this broader program, moving eventually to conversion sites after technical evaluation, maintenance and ferry flights.

From Malta’s point of view, the growth of a 777 freighter fleet under a local air operator certificate brings both economic and strategic benefits. The aircraft support high skilled jobs in maintenance, operations and logistics, while also consolidating Malta’s role as a bridge between European, African, Middle Eastern and Asian markets. Government officials have highlighted the scale of planned investment alongside projected business generation from the 777 program, underlining the economic weight attached to Challenge Group’s expansion.

Although the sale has only now been finalized, the court record and prior reporting reveal that Challenge Group’s interest in Jet Airways 777s dates back several years. Through Ace Aviation, the group initially bid successfully for the aircraft in 2022 as part of an auction overseen by Jet’s monitoring committee. A substantial earnest money deposit was paid and letters of intent were signed, indicating a clear intention to proceed with the purchase.

However, the transaction quickly became entangled in broader disputes over the ownership and future of Jet Airways. India’s insolvency tribunals, including the National Company Law Tribunal and its appellate body, were called on to adjudicate whether the sale could move forward while revival plans were still theoretically in play. At various points, the courts declined to authorize the transfer until the status of the Jalan Kalrock resolution plan was resolved, leaving the aircraft grounded and accruing storage and maintenance exposure.

By 2023, executives from Challenge Group were publicly voicing frustration at the delays and warning that prolonged uncertainty might force them to seek alternative aircraft elsewhere. Legal costs, the deteriorating condition of long parked aircraft and the risk of missing growth windows in the cargo market all weighed on the calculation. Yet the group ultimately retained its interest in the Jet Airways frames, a decision that has now been vindicated with the completion of the deal under the airline’s liquidation process.

What the Deal Means for Travelers and the Wider Market

For most passengers, the immediate impact of Jet Airways selling its remaining widebody aircraft is largely symbolic. The airline has been grounded for almost seven years, and hopes of seeing its livery back on long haul passenger services had already faded well before the Supreme Court’s liquidation ruling. The departure of these 777s from the Indian register formally closes the door on any scenario in which Jet Airways might have quickly reconstituted a long haul network using its legacy fleet.

However, the movement of these aircraft into Challenge Group’s orbit has more subtle implications for global travelers and shippers. As converted freighters, the 777 300ERSFs are likely to support more reliable cargo capacity on routes touching India, Europe and key hubs in the Middle East. Enhanced freight lift can indirectly benefit passengers by freeing up bellyhold capacity on passenger flights, supporting airline revenues, and enabling more competitive pricing, especially on routes where high value cargo such as pharmaceuticals, electronics and automotive components dominate.

For India’s aviation ecosystem, the deal offers both a lesson and a signal. It demonstrates that even in the wake of a major airline collapse, high value assets can still be redeployed efficiently in the global market, provided legal certainty is eventually achieved. At the same time, it underscores the importance of speed and clarity in insolvency proceedings. Years of delay not only eroded asset values but also deprived Indian airports and service providers of the economic activity associated with refurbished aircraft and renewed operations.

India’s Aviation Recalibration and the Rise of Specialized Players

The Jet Airways story unfolds against a broader realignment of India’s aviation sector. As the grounded carrier’s fleet is broken up and sold, its former market share has been absorbed by a handful of fast growing competitors. Low cost giant IndiGo and an expanding Air India under the Tata Group have consolidated much of the domestic and international traffic once carried by Jet. Newer entrants and regionals have carved out niche roles, while the country has increasingly relied on foreign carriers for long haul connectivity.

In parallel, India is emerging as a critical origin and destination market for global cargo networks. Pharmaceuticals, textiles, automotive components and e commerce shipments drive robust demand for uplift, particularly from manufacturing and logistics clusters around Mumbai, Delhi, Bengaluru, Hyderabad and Chennai. While Indian carriers have begun to pay more attention to dedicated freighter operations, much of the heavy lifting remains in the hands of international cargo airlines and integrators.

Specialized cargo groups such as Challenge are positioning themselves to capture a greater share of that growth. By adding ex Jet Airways 777s to its future 777 300ERSF fleet, the group deepens its ability to serve India bound and India originating trade flows from a European base. For travelers, this evolution is part of a wider trend in which passenger and cargo dynamics are increasingly intertwined. The health of long haul passenger connectivity often rests on the economics of cargo in the holds below.

Looking Ahead: A Second Life for Jet Airways’ Long Haul Workhorses

As the Jet Airways Boeing 777s prepare to leave India for their new Maltese home, attention turns to their next chapter. Before carrying commercial freight, the aircraft will require comprehensive technical checks, maintenance and potentially significant refurbishment after years of storage. They are then expected to undergo structural modifications at conversion facilities, where passenger cabins are stripped out, large cargo doors are cut into the fuselage, and floors and systems are reinforced to handle the demanding loads of dedicated cargo operations.

Once converted, the former Jet Airways aircraft are likely to operate primarily under Challenge Group’s Malta based air operator certificate, joining a fleet that already spans multiple widebody types. Flight plans could see them cycling through major cargo gateways including Liège in Belgium, key airports in the Middle East, and high growth markets in Asia and Africa. Given Challenge Group’s existing focus on Indian destinations, it is reasonable to expect that these aircraft will return to the Indian skies they once knew, this time in new colors and carrying freight instead of passengers.

For India–Malta aviation ties, the sale serves as a high visibility example of how asset transfers, regulatory collaboration and commercial strategy can align to reshape global fleets. For aviation enthusiasts, there is a certain poignancy in seeing aircraft that once carried Indian travelers on long haul journeys transition into a different life phase. But in an industry defined by constant reinvention, the transformation of Jet Airways’ Boeing Triple Sevens into workhorse freighters for a Maltese cargo specialist captures the essence of modern aviation: mobile assets, shifting networks and the relentless search for sustainable economic roles in an evolving global market.