In a significant aviation deal, Malta-based Ace Aviation, part of the Challenge Group, has successfully placed the highest bid for two Boeing 777-300ER aircraft, previously belonging to Jet Airways (India) Ltd. These aircraft are currently stationed at Delhi International Airport. According to stock exchange filings with both BSE and NSE, the winning bid amounted to ₹568.179 crore.
The auction process, which culminated in the declaration of Ace Aviation as the highest bidder, faced legal scrutiny. Industrial Asset Transaction Services Private Limited, referred to as the ‘H2 Bidder,’ contested the auction results before the National Company Law Tribunal (NCLT) in Mumbai. The challenge was based on several claims, including the assertion that the bid documents lacked disclosure of critical information allegedly known to Ace Aviation due to their involvement in prior sale transactions. This, the H2 Bidder argued, placed Ace Aviation in an unfairly advantageous position. Additionally, the H2 Bidder claimed they were denied a borescope inspection and argued for a fresh auction considering their willingness to place a higher bid than Ace Aviation’s.
The NCLT, Mumbai, dismissed the application on May 12, 2026. The tribunal concluded that the information available to Ace Aviation was publicly accessible, negating claims of any undue advantage. Furthermore, the tribunal found that the decision not to conduct another auction, even with a higher bid on the table, was made by the Stakeholders Consultation Committee of Jet Airways, a decision that could not be contested.
Subsequent appeals by the H2 Bidder were taken to both the National Company Law Appellate Tribunal and the Supreme Court, where the NCLT’s order was upheld.
Throughout this legal journey, Dentons Link Legal represented Ace Aviation XIV Limited and Ace Aviation XV Limited. The legal team included Petrushka Dasgupta (Partner), alongside Krishna Baruah (Principal Associate), Mridul Yadav (Principal Associate), and Kewal Buddhdev (Associate).
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Earlier this year, Dentons Link Legal had also advised Ace Aviation on the acquisition of three additional Boeing 777-300ER aircraft from Jet Airways, further solidifying their involvement in significant aviation transactions.
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