Jet Airways temporarily suspended flight operations from April 17, 2019. Till now, 36 Jet Airways aircraft including 2 A330-300 have been de-registered. Another 14 aircraft are queued up for de-registration. SpiceJet is taking up 22 of these aircraft on lease. Air India is looking to lease (either dry lease or wet lease) 5 Jet Airways Boeing 777-300ER. Air India Express is exploring lease of up to 7 Jet Airways 737 NG aircraft.

Of the 14 aircraft that are applied for deregistration, one of them is VT-JEK, a Boeing 777-300ER. All the Boeing 777-300ER are on a finance lease, backed by the US EXIM Bank. A while back, it was reported that Jet Airways has defaulted on their loan payments and the US EXIM bank is exploring repossession of all aircraft.

Aircraft	Current registration	Previous registration on delivery in 2007/8	Owner	Lessor	Notes
A330-200	VT-JWW	VT-JWK	MOORGATE AIRCRAFT 2007 LIMITED	MOORGATE AIRCRAFT 2007 LIMITED
A330-200	YU-ARA	VT-JWJ	MOORGATE AIRCRAFT 2007 LIMITED	MOORGATE AIRCRAFT 2007 LIMITED	Leased to Air Serbia by Jet Airways
A330-200	VT-JWV	VT-JWM	FLEET IRELAND AIRCRAFT LEASE 2007-A LTD	FLEET IRELAND AIRCRAFT LEASE 2007-A LTD	no engines
777-300ER	VT-JET	VT-JEA	WILMINGTON TRUST COMPANY	FLEET IRELAND AIRCRAFT LEASE 2007-B LIMITED
777-300ER	VT-JEV	VT-JEB	WILMINGTON TRUST COMPANY	FLEET IRELAND AIRCRAFT LEASE 2007-B LIMITED
777-300ER	VT-JES	VT-JEC	WILMINGTON TRUST COMPANY	FLEET IRELAND AIRCRAFT LEASE 2007-B LIMITED
777-300ER	VT-JEU	VT-JED	WILMINGTON TRUST COMPANY	FLEET IRELAND AIRCRAFT LEASE 2007-B LIMITED
777-300ER	VT-JEW	VT-JEE	WILMINGTON TRUST COMPANY	FLEET IRELAND AIRCRAFT LEASE 2007-B LIMITED	Impounded at Amsterdam due to non payment of dues
777-300ER	VT-JEM	VT-JEF	WILMINGTON TRUST COMPANY	FLEET IRELAND AIRCRAFT LEASE 2007-B LIMITED
777-300ER	VT-JEX	VT-JEG	JIHB LIMITED	JIHB LIMITED	Grounded at Chennai since September 12, 2018
777-300ER	VT-JEH	VT-JEH	JIHB LIMITED	JIHB LIMITED
777-300ER	VT-JEQ	VT-JEJ	BISHOPSGATE AIRCRAFT 2008 LIMITED	BISHOPSGATE AIRCRAFT 2008 LIMITED
777-300ER	VT-JEK	VT-JEK	JIHBTWO LIMITED	JIHBTWO LIMITED

In case if you are wondering about JIHB Limited, BISHOPSGATE Aircraft 2008 Limited, Fleet Ireland Aircraft Lease 2007-B Limited and Moorgate Aircraft 2007 Limited, they are all some sort of Special Purpose Vehicles for the ownership of these aircraft. Several A330s previously operated/owned by Jet Airways were leased/owned by Moorgate.

Talking about VT-JEK, the aircraft is on a mortgage with ING Bank, Singapore. So it is most likely that the Bank pulled the plug. For the rest, I couldn’t find the mortgage status. While this is the first instance of a Jet Airways 777-300ER being de-registered, let see if more 777s are also de-registered. Wilmington Trust Company owns the maximum number of Jet Airways 777-300ERs.

If Air India actually wants the 777s operated by Jet Airways, why don’t they just lease it from the trust company or the bank through an SPV, as SpiceJet has leased from directly from the lessors? Or am I missing something?

What are your thoughts about Jet Airways 777 being repossessed?