Whilst many here seem to be quite happy selling things that don't belong to Jet, it really isn't a great week for GECAS either. They are doing a repo on Jet aircraft and also Avianca Brazil.
That's a big chunk of money down the drain as they can't re-lease them for factory new rates. In both countries work is progressing to de-register aircraft and make them ready for export. The future of the 9W fleet will potentially be outside India. One possible tyre-kicker might be Air Italy and various smaller African carriers for the 737s and even A330s.
Noone expects GECAS throwing a party to celebrate repos. But what would you have them do? Extend and discount leases, despite months of unpaid lease bills, with knowledge of fuel bills and employee wages being in arrears, too? They cannot just waive lease debt and expect a delinquent lessee to conjure up a rescue plan, based on that...
The present value of the Jet 77Ws released is ironically greater than if Jet had finished the lease. Yes, GECAS is short term out of money and will receive less per month, but overall they will make more. This is like defaulting in year 4 on a 5 year auto loan when the vehicle is still in good condition.
As far as Avianca, I do not know the details. Used 777s usually find homes with GE engines.
The aircraft now go to the highest bidder. The losses will be on the MAXes. I believe the 738s will be fine.
I don't see anyone celebrating. I would just like to know where aircraft go. Having that quantity of 738s and 77Ws will reduce resale value. But how much? $1 or $5 million? Combined with EK handing back 77Ws in quantity, I expect the widebody market to be harder hit. For 738s, the market is so huge, it will be closer to that $1.
I hope service is maintained. However, India was over-served in sir service, so some quantity of aircraft must leave the country. Except for what AI might buy or lease, I expect the 77Ws to leave India. Since I've read they want 5, that means 6 find new owners.
So where will 9W 777 pilots go?
I cannot wait to get vaccinated to live again! Warning: I simulated that it takes 50%+ vaccinated to protect the vaccinated and 75%+ vaccinated to protect the vac-hesitant.