Jet Airways puts BKC office for sale; reserve price fixed at Rs 335 crore

Jet Airways (India) Limited’s former corporate office in Mumbai’s premium business district, Bandra Kurla Complex (BKC), is set to go under the hammer as part of its ongoing liquidation proceedings. According to a recent auction notice filed on the Insolvency and Bankruptcy Board of India’s (IBBI) portal, the asset will be auctioned on 5 June 2025.

The liquidator, appointed following the commencement of Jet Airways’ liquidation on November 26, 2024, has issued an addendum auction notice dated May 23, 2025. The asset in question comprises office premises located on the second floor of the Godrej BKC building — one of the most sought-after commercial addresses in Mumbai.

The property boasts a carpet area of approximately 52,202 square feet and a saleable area of 83,524 square feet. It includes 70 dedicated car parking spaces. The reserve price for the asset has been set at ₹335.24 crore (approximately ₹3.35 billion), with an earnest money deposit (EMD) requirement of ₹16.76 crore. The auction will be conducted on the eBKray platform, the government’s designated portal for e-auctions of distressed assets.

Jet Airways, once India’s premier full-service airline, entered corporate insolvency resolution proceedings on June 20, 2019, after a consortium of lenders led by State Bank of India dragged the airline to the National Company Law Tribunal (NCLT) for non-payment of dues. Despite several attempts at revival and multiple extensions granted to a successful resolution applicant, the Jalan-Kalrock Consortium, the resolution plan faced delays and disputes, eventually leading to the liquidation order.

The sale of the BKC office is among the first major asset monetization efforts under the liquidation process and is expected to draw interest from commercial real estate investors and corporate occupiers looking to establish or expand presence in Mumbai’s financial district.

With the auction date approaching, potential bidders have until June 2, 2025, to submit their EMDs and complete the necessary formalities to participate. More details on the auction and registration process are available on the official eBKray website.

Background on Liquidation Process

Under the Insolvency and Bankruptcy Code (IBC), once a corporate debtor enters liquidation, the liquidator is responsible for identifying and monetizing the company’s assets to repay creditors. Public auction is a key route for liquidators to generate value from tangible assets like real estate.

Jet Airways’ liquidation marks a significant chapter in one of India’s most high-profile insolvency cases, which has seen prolonged delays and legal wrangling. The outcome of this asset sale could provide some relief to creditors still awaiting recovery.

Also See: SC orders liquidation of Jet Airways