Bank of Baroda has emerged as the highest bidder for Jet Airways’ 83,000 sq ft office space in Mumbai’s Godrej BKC, offering Rs 370 crore. Brookfield Asset Management, which already owns office space in the building, holds the right of first refusal and is likely to exercise it.
MUMBAI: The Mumbai bench of National Company Law Tribunal (NCLT) has allowed a 90-day extension in the ongoing consolidated corporate insolvency resolution process (CIRP) of Lavasa Corp beginning May 29. The planned city project is undergoing a fresh CIRP after the NCLT, in September 2024, directed that the entire process be restarted, following the successful bidder’s failure to implement the approved resolution plan within the specified time frame. The company has admitted liabilities of more than ₹6,642 crore, while the erstwhile successful bidder, Darwin Platform Infrastructure, had proposed to pay ₹1,814 crore. “We are of the view that the present…
File Photo A government-appointed liquidator has put an entire office floor owned by defunct Jet Airways in commercial tower Godrej BKC in Mumbai’s business district Bandra-Kurla Complex (BKC) on the block. The liquidator has set a reserve price of Rs 335.24 crore for the property to be auctioned next month under the Insolvency & Bankruptcy Code, 2016. In 2020, as part of Jet Airways‘ insolvency proceedings, global alternative investment major Brookfield Asset Management had acquired the company’s two office floors in the building for Rs 490 crore. These offices are currently occupied by marquee tenants including World Bank and PayPal.…
