Karuturi Ceramics up for sale on 7th July; reserve price fixed at Rs 21.15 crore

Maharashtra-based Karuturi Ceramics Private Ltd will be put up for auction on 7th July as a going concern. Reserved price for the assets of the company is Rs 21.15 crore. Last date for submission of documents by interested buyers is 27 June 2025.

The National Company Law Tribunal (NCLT), Amaravati Bench, on January 8^th had issued an order for the liquidation of Karuturi Ceramics Private Limited.

The CIRP for Karuturi Ceramics commenced on April 24, 2024. Mr. Naga Bhushan Bhagawati was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional by the Committee of Creditors (CoC) during its first meeting on May 22, 2024.

A public announcement inviting claims from creditors was issued on April 28, 2024. The CoC was constituted on May 17, 2024, with State Bank of India being the sole Financial Creditor, holding 100% of the admitted claim amounting to ₹73,88,23,344.

Attempts to Attract Resolution Plans:

The RP issued Expressions of Interest (EOIs) in Form-G on June 17, 2024, inviting Prospective Resolution Applicants (PRAs). Due to a “poor response,” the Form-G was re-issued twice, on July 3, 2024, and July 13, 2024, extending the EOI submission deadline to August 2, 2024.

Ultimately, three PRAs submitted EOIs, including Resurgent Property Ventures Private Limited, Chaitanya Siva Saikam, and Mr. Amit Chaturvedi (who is listed as the MD of Karuturi Ceramics Pvt. Ltd. in a related document). The Information Memorandum and Request for Resolution Plan (RFRP) were circulated on August 17, 2024, and the deadline for submission of plans was extended multiple times, with the final extended date being October 18, 2024.

Decision for Liquidation:

In the 7th CoC meeting held on October 22, 2024, the Resolution Professional informed the CoC that no resolution plans had been received by the extended due date. A Forensic Audit report, furnished by SNMR & Associated, had also been circulated, which did not identify any avoidance transactions. With no viable resolution plan on the table, the CoC unanimously voted (100% majority) for the liquidation of the Corporate Debtor on December 5, 2024.

The assets of Karuturi Ceramics Pvt. Ltd

1. Movable Properties (Property No. 1): These are the Plant and Machinery located at the Factory Land (Ac.29.80 Cents) in Survey No. 152,177, Dacherla, I.Pangidi Panchayat, Kovvur Mandal, W.G.Dt. The list includes:

• Fast Single Firing Plant for production of 8500 Sq.Mtrs/day of Glazed Porcelain Tiles and Single Fired Glazed Decorated Wall Tiles.
• Batch Hopper with Electronic weighing (36m# capacity).
• Ball Mill with rubber Lining (5 Nos. and 2 Nos. of 5MT Ball Mill).
• 10T Chain Coal Stove.
• Spray Dryer.
• Belt Conveyors system.
• 40 tph Ceramic Power Handling System.
• Bag Filter & Fabricated Pneumatic Slide Gate, & Wet Scrubber.
• Cooling Tower, Heat Exchanger, Silos (8 Nos.), Glaze Storage Tanks (8 Nos.), Water Lines Including Valves.
• Mould Sets.
• Unused Ink Jet Printer.
• Dry Squaring & Chamfering Line.
• Squaring & Chamfering Line and Glazed Polishing Line.
• Glazed Nano & Waxing Polishing Line Machine.
• Ball Mill 40T with Rubber Lining (1 No.).
• Quartz Tiles Plant.
• Lab Equipment.
• Essae Electronic Weigh Bridge.
• Electronic Weighing M/c.
• Split Air Conditioners.
• Air Compressor.
• 1010 KVA D.G.Set.
• 50 KVA D.G.Set.
• Volt Amp Transformers 3000 KVA.
• 33 KV Electrical Line Chargers.
• Other Miscellaneous Machinery etc.
• Vehicles: Fork Lift-1, Tractors-2, Front end Loader-1, Jeep Bolero, Mini Bus-Tourister.
• Sheds and Structures: Quartz Tiles Plant shed, Electrical Panel Shed, Glaze Preparation Shed, Ball Mill Preparatory shed, Tiles Manufacturing Shed, Security room, Drier Shed, Office Shed, Polishing Shed Stores, R&D Shed, Lean To Roof Shed, Open Sheds at Factory Land.

2. Immovable Properties:

• Property No. 2: Factory Land and Building
  • All that part and parcel of Factory Land and Building measuring Ac 29.80 cents (12.059 hectares), including Buildings and other constructions thereon.
  • Located in R.S Nos. 177 & 152 (old RS Nos. 4A & 4B), in Decherla Village, Pangidi Panchayat, Kovvur Mandal, West Godavari Dist. (A.P).
• Property No. 3: Residential Property (Ground Floor + First Floor) of Sri. Amit Chaturvedi
  • An extent of 600 Square Yards (comprising Part-A: 250 Sq. Yds / 209.02 Sq.Mtrs and Part-B: 350 Sq. Yds / 292.63 Sq.Mtrs).
  • Bearing Plot No. 140-B, TP No. 24/72, with Door No. 23-16-44 in R.S No.34, Ward No.10.
  • Situated at Lalitha Nagar, Haripuram, under Rajahmundry Municipal Corporation Limits, Rajahmundry, East Godavari District (A.P).
• Property No. 4: Residential Properties of Sri. Amit Chaturvedi and Smt. Ruchita Chaturvedi
  • a) Sri. Amit Chaturvedi’s property: An extent of 240 Sq. Yds (200.66 Sq.Mtrs) bearing Plot No. 129 & 130 in R.S No.34, T.P. No.20/53, with Door No.23-16-1/1.
  • b) Smt. Ruchita Chaturvedi’s property: An extent of 353.33 Sq. Yards (295.41 Sq.Mtrs.) bearing Plot No. 129 & 130 in R.S No.34, Door No.23-16-1/1.
  • Both situated at Lalitha Nagar, Haripuram, under Rajahmundry Municipal Corporation Limits, Rajahmundry, East Godavari District (A.P).
• Property No. 5: Vacant Site of Smt. Ruchita Chaturvedi
  • Measuring 475.55 Sq.Yds (397.60 Sq. Mtrs.).
  • Bearing Plot No.6 in R.S Nos. 295/2, 295/4, 295/6, 388/1A, 388/1C, 389/1B.
  • Situated at Sri Thavvala Veerabhadra Rao Nagar, Rajahmundry Model Colony, Rajahmundry, East Godavari District (A.P).
• Property No. 6: Vacant Site of Sri. Amit Hridaynath Chaturvedi
  • Measuring 578.63 Sq. Yds (483.79 Sq. Mtrs).
  • Bearing Plot No.7 in R.S Nos.295/2, 295/4, 295/6, 388/1A, 388/1C, 389/1B.
  • Situated at Sri Thavvala Veerabhadra Rao Nagar, Rajahmundry Model Colony, Rajahmundry, East Godavari District (A.P).

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