Go First Recovery: Lenders Set To Auction 94.71-Acre Thane Plot On August 20

Central Bank of India has started the process to sell a 94.71-acre land parcel belonging to Wadia Realty in Thane through an e-auction, as lenders look to recover dues from Go Airlines India Ltd, the now-liquidated airline better known as Go First, according to the auction notice, as quoted by media reports.

The state-owned bank is acting as the authorised officer on behalf of a group of secured lenders. This group includes Central Bank of India, Bank of Baroda (which also covers the erstwhile Dena Bank) and IDBI Bank. The e-auction has been scheduled for 20 August under the SARFAESI Act, the notice said.

As per the sale notice, the lenders are trying to recover ₹3,918.54 crore. This figure includes the principal and interest that was outstanding as of 31 August 2023, along with additional interest and charges that have built up since 1 September 2023.

The reserve price for the property has been fixed at ₹1,375 crore. Bidders will need to pay an earnest money deposit of ₹68.75 crore, which works out to 5% of the reserve price. Bids will rise in steps of ₹1 crore each. The auction will take place online between 10 am and 6 pm on 20 August, and the deadline to submit the earnest money deposit is 5 pm on the same day, according to the notice.

About The Property

The land in question spans 94.71 acres and is located at Village Ovale, Bhayanderpada, on Ghodbunder Road in Thane. It sits next to a 60-metre-wide road and is registered under Wadia Realty Pvt Ltd, which had served as the corporate guarantor and mortgagor for Go Airlines.

The auction notice stated that, to the knowledge of the authorised officer, the property carries no encumbrances. However, it advised bidders to carry out their own checks on the property's title, encumbrances and physical area before placing any bid. The notice also made clear that the lenders will not be responsible for arranging any permissions, licences or no-objection certificates related to the property, and that the winning bidder must handle all statutory dues, taxes, stamp duty, registration charges and GST.

Bidders interested in inspecting the property can do so on 13 August, 2026, between 12 pm and 4 pm. The auction itself will be conducted through the Baanknet e-auction portal, the notice added.

Go First's Collapse

The National Company Law Tribunal (NCLT) ordered Go First into liquidation on 20 May 2025, closing out 20 months of insolvency proceedings for the budget carrier. Go First had filed for bankruptcy in May 2023 and held a 6.9% share of India's aviation market at the time.

The airline's troubles started after its former promoter, the Wadia Group, filed for voluntary bankruptcy, citing delays in receiving engines from Pratt & Whitney.

Go First's revival efforts were further hit by a Delhi High Court order on 26 April 2023, which directed the Directorate General of Civil Aviation to deregister the airline's leased planes. The order came after lessors moved court to reclaim their aircraft. A clarification issued by the Ministry of Corporate Affairs on 4 October 2023 later exempted aircraft-related transactions from the insolvency moratorium, but this came too late for the airline, which by then had no planes left to operate.

As a result, a consortium of interested buyers, including SpiceJet's Ajay Singh and EaseMyTrip's Nishant Pitti, withdrew their bid for the airline.