Bank of Baroda Emerges as Top Bidder for Jet Airways’ BKC Office Space
In a significant development under Jet Airways’ insolvency proceedings, Bank of Baroda has emerged as the highest bidder for the airline’s 83,000 sq ft office space located in Mumbai’s upscale Godrej BKC commercial tower. The property, situated in the Bandra-Kurla Complex (BKC), was auctioned with a reserve price of INR 335.24 crore, attracting interest from major players.
While Bank of Baroda leads the bidding, the final decision rests with Brookfield Asset Management, which holds the right of first refusal (ROFR). Brookfield, already the owner of two floors in the tower, has a 15-day window to match the offer. If it chooses to exercise this right, it could further consolidate its presence in the building, which houses prominent tenants like the World Bank and PayPal.
The second-floor office had earlier been sealed by the Municipal Corporation of Greater Mumbai due to unpaid dues. However, an April 28 ruling by the National Company Law Tribunal (NCLT) removed all legal barriers by ordering the property to be unsealed, facilitating its sale under the Insolvency and Bankruptcy Code (IBC).
The e-auction was held on June 2 and includes 70 car parking spaces in the deal. According to IBC guidelines, all taxes and liabilities will be the responsibility of the winning bidder. This transaction marks a continuing effort to monetise assets as part of Jet Airways’ resolution process.
