In a bid to recover dues from creditors, the liquidator of Gitanjali Gems Limited—the company that collapsed after the Punjab National Bank (PNB) fraud—has announced the e-auction of prime real estate in Mumbai’s Santacruz East. The flats, once associated with the Choksi family (promoters of the firm), will be auctioned on October 7, 2025, through the Baanknet platform.
The properties include three large apartments at Sapphire Heights (formerly Kheni Tower) in Jogani Complex, Kalina. Identified as Flats 101–103, 201–203, and 301–303, each spans a merged carpet area of 3,130 sq. ft. and carries a reserve price of ₹10.14 crore.
EMD required per flat: ₹1.15 crore
Auction timing: 1:30 PM to 3:30 PM
The liquidator, Santanu T. Ray, issued a corrigendum after an earlier notice mistakenly interchanged the reserve price and EMD figures. The corrected version confirms the actual financial commitments needed to bid for these premium assets.
Apart from the Santacruz flats, bidders will also have access to other released assets, including:
Movable assets such as furniture and fixtures from the flats (Reserve: ₹6,00,400 | EMD: ₹60,000)
Commercial property: Two combined office units (801 & 802) in Prasad Chambers, Opera House, covering 1,760 sq. ft. (Reserve: ₹6.77 crore | EMD: ₹60.7 lakh)
These assets were earlier attached by the Enforcement Directorate (ED) and are now part of the liquidation estate.
NCLT Proceedings: On January 15, 2020, ICICI Bank’s petition led the Mumbai NCLT Bench to admit Gitanjali Gems into Corporate Insolvency Resolution Process (CIRP).
Failed Resolution: Despite extensions, no viable resolution plan emerged, and on February 7, 2024, the company was ordered into liquidation.
Debt Load: Claims admitted stood at ₹11,386 crore from financial creditors and ₹673 crore from operational creditors.
Asset inspection deadline: September 30, 2025 (by prior appointment)
EMD submission last date: October 4, 2025
Auction date: October 7, 2025
Sale terms: “As is, where is” basis, with the liquidator retaining cancellation rights.