Rs 60-cr worth of Gitanjali Gems Mumbai properties on sale

The liquidator of fraud-hit Gitanjali Gems has put a clutch of residential and commercial properties in Mumbai on the block as part of efforts to recover dues from the bankrupt jewellery retailer under the insolvency process.

According to a public auction notice issued by liquidator Santanu Ray, multiple properties linked to the company will be auctioned through e-auction on June 19, 2026. The assets include flats, office premises and commercial shops spread across locations such as Borivali East, Andheri SEEPZ, Vile Parle and Vasai in the Mumbai Metropolitan Region.

Among the key assets on sale are apartments in Jogani Complex at Kandivali, shops in Diamond Park at Vasai, office premises in Vardhaman Park at Virar, flats in Tatva building at Borivali East, and an industrial plot in SEEPZ, Andheri, along with furniture and fixtures.

The reserve prices for the assets range from about Rs 23.8 lakh for a commercial shop in Vasai to over Rs 14 crore for the SEEPZ industrial plot. Earnest money deposits for bidders range between Rs 50,000 and Rs 20 lakh, depending on the asset category. The total value of assets on sale is Rs 60.55 crore.

The auction is being conducted under the Insolvency and Bankruptcy Code (IBC) through the online platform operated by PSB Alliance Pvt Ltd. Prospective bidders have been asked to submit proof of eligibility and comply with conditions laid down under the insolvency regulations.

Gitanjali Gems, once controlled by fugitive diamantaire Mehul Choksi, was among the companies embroiled in the multi-crore Punjab National Bank fraud case that surfaced in 2018. The company subsequently entered insolvency proceedings after defaulting on loans owed to a consortium of banks.

The latest auction forms part of the liquidation process aimed at monetising the company’s remaining real estate assets to maximise recoveries for creditors.

The Mumbai bench of the NCLT admitted the company into CIRP in January 2020, but no viable resolution plan emerged. The tribunal eventually ordered liquidation in February 2024 and appointed Santanu Ray as liquidator. Financial creditor claims admitted in the process exceeded Rs 11,000 crore, highlighting the scale of the collapse.

Also See: Oberoi Realty-led consortium completes acquisition of Hotel Horizon for Rs 920 crore