Central Bank to put Wadia's land on sale for Rs 196 billion

11 Jun 2024 CW Team

In order to recoup debts given to Go Airways, the Central Bank of India will auction off more than 94 acres of land owned by Wadia Realty, which is located at Bhayandarpada on Ghodbunder Road in Thane. The Times of India said that Rs 196 billion has been set aside as the reserve price for this auction. An auction has been set for after Wadia Realty's role as the airline's corporate guarantor and mortgagor ended. The property will be auctioned in accordance with the terms of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002, which has the property committed to the Central Bank of India, the Bank of Baroda, and IDBI Bank. The Central Bank has already published a public notice under the SARFAESI Act for the purchase of the land block, which is currently scheduled for auction, and has already declared full provision for its loan to the airline. Another lender, Bank of Baroda, expressed confidence in selling real estate security to meet all of its obligations. Go Air declared bankruptcy in May of last year, claiming it owed creditors $798 million. Go Air has not fallen behind on any of these payments as of April 30. The firm stated in a filing that "defaults to financial creditors would be imminent, considering the corporate applicant's current financial situation." In the filing, the company listed the Central Bank of India Ltd., Bank of Baroda Ltd., IDBI Bank Ltd., Axis Bank Ltd., and Deutsche Bank among Go Air?s financial creditors.

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