Central Bank to auction Wadia Realty land to recover Go First dues

The Central Bank of India is selling a large piece of land owned by Wadia Realty to get back money owed by Go First, an airline that is no longer operating.

The land is 94.71 acres and is in Thane.

The bank wants to recover ₹3,918.54 crore, which includes the principal and interest.

The auction will happen online on 20 August.

The land is valued at ₹1,375 crore, and bidders need to pay ₹68.75 crore to participate.

Go First had financial problems and was ordered to be liquidated by the National Company Law Tribunal.

The airline's troubles started when its former promoter, the Wadia Group, filed for bankruptcy due to delays in getting engines.

The Delhi High Court's decision to deregister the airline's planes also played a big role in its downfall.