Go air Crisis: 94 acres valuable land is up for sale...
All the ways to get the defunct airline Go Airways out of the crisis are now almost closed. Recently, Easy My Trip CEO Nishant Pitti announced to exit from this deal. He, along with ajay Singh of Spice Jet, had expressed his desire to buy Go Airways owned by Wadia Group. Now another bad news has come for Go air, which is facing bankruptcy process. Central bank of india has prepared to sell 94 acres of valuable land of Wadia Group located in Mumbai. The reserve price for its auction has been kept at Rs. 1,965 crores.
Starting price for auction is Rs 1965 crore
According to the Times of india report, Central Bank of india has decided to auction 94 acres of land of Wadia Realty located at Bhayanderpada on Ghodbunder Road in thane to recover the loan given to Go Airways. Its starting price has been kept at Rs 1,965 crore. Wadia Realty was the guarantor of Go Airways. Apart from Central Bank of india, this land was mortgaged to Bank of Baroda and IDBI Bank.
Auction will be held on July 22, loan is Rs 3,918 crore
According to the report, Central Bank of India is going to conduct this auction on July 22. It is estimated that a large part of the loan of Rs 3,918 crore will be recovered from this sale. To participate in the auction, 5 percent of the reserve price i.e. about Rs 98 crore will have to be deposited.
Wadia Group sold land last year to pay off debt
Wadia Group owned by Nusli Wadia is known for its famous businesses bombay Dyeing and Britannia Industries. Last year Wadia Group sold its land located in Worli, mumbai to pay off debt. Go air filed a petition to be declared bankrupt last year.
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