Central Bank moves to auction Wadia Realty’s Thane land to recover Go First dues
Mumbai: Central Bank of India has initiated the sale of Wadia Realty Pvt Ltd’s 94.71-acre land parcel in Thane through an e-auction as lenders step
Mumbai: Central Bank of India has initiated the sale of Wadia Realty Pvt Ltd’s 94.71-acre land parcel in Thane through an e-auction as lenders step up efforts to recover dues from the now-defunct Go Airlines India Ltd, also known as Go First, which is under liquidation, according to the auction notice. The state-owned bank, acting as the authorised officer on behalf of a consortium of secured lenders comprising Central Bank of India, Bank of Baroda (including erstwhile Dena Bank) and IDBI Bank, has scheduled the e-auction for 20 August under the provisions of the SARFAESI Act. According to the sale notice issued by the bank, the lenders are seeking to recover ₹3,918.54 crore, representing the principal and interest outstanding as of 31 August 2023, along with further interest and other charges accruing from 1 September 2023. Also Read | Go First moves NCLT to seek release of aircraft parts from Adani-owned Air Works The property has been valued with a reserve price of ₹1,375 crore, while prospective bidders will have to deposit an earnest money deposit of ₹68.75 crore, equivalent to 5% of the reserve price.
Bids will increase in multiples of ₹1 crore. The auction will run online from 10 am to 6 pm on 20 August, with the last date for depositing the earnest money deposit (EMD) set at 5 pm the same day. The asset comprises 94.71 acres of land situated at Village Ovale, Bhayanderpada, Ghodbunder Road, Thane, abutting a 60-metre-wide road, and is held in the name of Wadia Realty Pvt Ltd, the corporate guarantor and mortgagor for Go Airlines. “To the best of knowledge and information of the Authorised Officer, there are no encumbrances on the property. However, the intending bidders should make their own independent inquiries regarding the encumbrances, title of property put on auction, physical area of property, and claims/rights/dues affecting the property, prior to submitting their bid,” the terms and conditions for the e-auction letter said. Also Read | Singapore Airlines to carefully consider fund infusion in loss-making Air India It also clarified that the secured creditors do not undertake any responsibility to procure any permission or licence, no objection certificate in respect of the property offered for sale and that the successful bidder will be responsible for statutory dues, taxes, stamp duty, registration charges and any applicable GST.
Interested bidders will be allowed to inspect the property on 13 August, 2026, between 12 pm and 4 pm. The auction will be conducted through the Baanknet e-auction portal. On 20 May 2025, the Company Law Tribunal (NCLT) had ordered the liquidation of Go First, marking the end of 20 months of insolvency proceedings for the struggling budget airline. Go First, which filed for bankruptcy in May 2023, had a 6.9% market share in India’s aviation sector. Go First’s financial troubles had begun when its former promoter, the Wadia Group, filed for voluntary bankruptcy citing delays in securing engines from Pratt & Whitney. The major reason why Go First was unable to revive is the Delhi High Court's decision on 26 April 26 2023. The court directed the Directorate General of Civil Aviation (DGCA) to deregister the airline’s leased planes, following a plea by lessors who sought to reclaim their assets.
The BriefWire