Liquidator to conduct e-auction for C&C Constructions on 8 May

The liquidator of C&C Constructions Limited will be conducting e-auction for sale of the company as going concern on 8^th May 2023.

The liquidator – Navneet Kumar Gupta — endeavours to sell C&C Constructions as a going concern through e-auction with full adoption/taking over of all live bank guarantees (BG) of the company in favour of various customers/authorities.

The e-auction will be conducted in the manner specified in Schedule I as provided under Regulation 32A and 33 of the Liquidation Regulations, any other rules, regulations, orders, circulars, directions or notifications or the like, issued pursuant to or under the IBC or the Liquidation Regulations, as the case may be, and as per directions, if any, of the NCLT and NCLAT in respect of the liquidation process of the Company and in the manner specified in this Asset Sale Process Memorandum.

The reserve price for the e-auction has been fixed at Rs 158 crores (exclusive of GST, TDS and other applicable taxes & duties). Interested bidders will have to submit the EMD money of Rs 5 crore by 21 April 2023. The liquidation value for C&C Constructions was arrived at Rs 355 crore.

C&C Constructions Ltd is a construction focused enterprise with emphasis on creating nationally important infrastructure (mainly road) assets. The Corporate Debtor was incorporated in the year 1996. The areas of operations of the company are: Urban Infrastructure, Commercial Buildings, Roads and Highways, Water Supply & Sewerage, Concessions, Railway Infrastructure, Power & Telecom Transmission Towers. (Key projects completed by C&C Constructions)

The insolvency application against C&C Constructions was filed by ICICI Bank in February 2021 after it defaulted on a payment of Rs 42.60 crore. In October 2022, the NCLT ordered liquidation of the company after CoC rejected resolution plans submitted by bidders as well as the settlement offers by the erstwhile owners of the company.

The creditors of C&C Constructions had submitted claims of Rs 2,627 crore during the CIRP process. During the liquidation process, the stakeholders’ consultation committee has submitted claims of Rs 3,928 crore.

Also See: Govt-owned SAIL-SCL Kerala to face insolvency proceedings