SRS Limited assets up for sale through e-auction on 15 December
e-auction of assets of SRS Limited will be held from 11:00 am to 4:00 pm on 15 December 2020.
The assets on sale include 100% equity shares of SRS Entertainment India Limited, a wholly-owned subsidiary of SRS Limited, SRS brand, a number of offices in SRS Tower, Faridabad and an Honda Accord Car. Some of the Units in SRS Tower put up for sale through e-auction are attached by Enforcement Directorate through a provisional attachment order dated 8 January 2020.
The liquidation process of SRS Limited, which was earlier engaged in the business of Jewellery, retail and exhibition of cinemas, has been initiated under the provisions of the Insolvency and Bankruptcy Code, 2016 by an order of the NCLT, Chandigarh Bench with effect from 15th October, 2019.
As per the said NCLT order, Ashok Kumar Gulla has been appointed as the Liquidator.
The property and assets of the company are proposed to be sold on “As is where is basis”, “As is what is basis”, “Whatever there is basis” and “No recourse” basis and the proposed sale of assets of the company does not entail transfer of any other title, except the title which the Company had on its assets as on date of transfer. The Liquidator does not take or assume any responsibility for any shortfall or defect or shortcoming in the moveable/immoveable assets of the Company.
The reserve price for SRS brand has been kept at Rs 80 lakh, and total reserve price for the office spaces amounts to Rs 2.47 crore.
