Pass First lenders put Thane land at the block – Trade Information

Three lenders to Go First — Central Bank of India, Bank of Baroda and IDBI Bank — have invited bids to sell a 94.71-acre land parcel in Thane. The reserve price of the land parcel has been kept at Rs 1,965 crore.  The sale notice of the land parcel will be under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. Go First, currently under corporate insolvency resolution, owes Rs 3,918 crore to creditors. 

The property on sale lies on Ghodbunder Road and in the name of Wadia Reality, will be sold on July 22, the announcement said.Lenders have sought to liquidate the mortgaged property after the airline declared bankruptcy in May, 2023, when the Wadia group-backed carrier filed for voluntary insolvency after several years of losses.

Though more than half of its fleet was already grounded for lack of engine servicing, the remaining aircraft were grounded by the airline overnight before the promoters rushed to the National Company Law Tribunal (NCLT) for preventing repossession of the planes by the lessors.After a long-drawn court battle, more than a dozen lessors got the right to repossess the planes after the Delhi High Court ordered the Directorate General of Civil Aviation (DGCA) to deregister all the 54 planes.Multiple efforts to sell Go First by its lenders remained fruitless due to muted response and below-expectation bids submitted by the contenders.

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These included Naveen Jindal-led Jindal Power, North-East-based regional airline Jettwings Airways, UAE-based Sky One, and a consortium of SpiceJet’s Ajay Singh and EaseMyTrip’s Nishant Pitti.While Jindal withdrew the bid in 2023, Pitti announced withdrawal of his bid in the last week of May.The revival plan of Go First hinged on the compensation totalling `8,000 crore that it is seeking from US-based engine maker Pratt and Whitney (P&W) which it had hoped could be used to pay the creditors. The Wadia group has blamed P&W for the bankruptcy of Go First.