Challenge Group is moving closer to acquiring Jet's B777 aircraft.

As Jet Airways enters liquidation nearly six years after halting operations, the Indian Supreme Court's ruling has led to the appointment of Satish Kumar Gupta as the liquidator. Ace Aviation, a subsidiary of the Challenge Group, aims to acquire three grounded Boeing 777 aircraft, previously blocked despite a $5.6 million deposit. Plans include converting these into freighters in partnership with Israel Aerospace Industries, though significant maintenance and regulatory hurdles remain. The process could cost tens of millions to restore the aircraft to airworthy condition, compounded by legal complexities from the liquidation.