Fresh e-auction date announced for Eurotas Infrastructure; Reserve price fixed at Rs 100 crore

The e-auction to sell Eurotas Infrastructure Limited (EIL), currently under liquidation, has been relaunched after the earlier notice dated July 22, 2025, was withdrawn. The fresh e-auction, scheduled for August 28, 2025, will offer the company on a going concern basis or allow the sale of its movable assets on a collective basis.

As per the latest sale notice issued by the liquidator, Huzefa Fakhri Sitabkhan, the sale will be conducted via the IBBI-approved e-auction portal https://ibbi.baanknet.com, between 2:00 pm and 3:00 pm.

The key assets of EIL include:

• 36.37 hectares of sub-leasehold land in Additional Sinnar Industrial Area, MIDC, Musalgaon, Sinnar, Nashik, Maharashtra
• An under-construction cement grinding unit with an installed capacity of 1.6 MMTPA, expandable up to 4.95 MMTPA, estimated to be 80–85% complete
• Office equipment and furniture at its New Delhi office

The auction has been structured in two blocks:

• Block A: Sale of Eurotas Infrastructure Ltd – In Liquidation on a Going Concern Basis
  • Reserve Price: ₹100 crore
  • Earnest Money Deposit (EMD): ₹10  crore
• Block B: Sale of all movable assets of the Corporate Debtor located at the plant site and New Delhi office
  • Reserve Price: ₹60 crore
  • EMD: ₹6 crore

The assets will be sold on an “as is where is”, “as is what is”, “whatever there is”, and “no recourse” basis.

Key dates for interested bidders:

• Opening of Auction Portal: July 25, 2025
• Last Date for Due Diligence & Site Visit: August 26, 2025
• Last Date for EMD Submission: August 26, 2025

Prospective bidders must satisfy the eligibility criteria under Section 29A of the Insolvency and Bankruptcy Code, 2016, and submit the required undertaking. The process memorandum, bid forms, and other details are available on the auction portal.

For further information, bidders may write to support.baanknet@psballiance.com.

Company Background: Eurotas Infrastructure Limited

Eurotas Infrastructure Limited (EIL or Corporate Debtor) is a public limited company engaged in the manufacturing and trading of cement. It was incorporated on February 23, 2011, under the provisions of the Companies Act, 1956, and is registered with the Registrar of Companies, Delhi. The company’s Corporate Identification Number (CIN) is U70101DL2011PLC214733.

EIL’s authorized share capital is ₹3,17,50,000, and its paid-up capital is ₹1,55,00,000. The registered office of the company is located at Basement, A-103, Road No. 4, Mahipalpur Extension, New Delhi, South West Delhi.

Insolvency Proceedings

A company petition seeking the initiation of a Corporate Insolvency Resolution Process (CIRP) against EIL was filed by Axis Bank under Section 7 of the Insolvency and Bankruptcy Code (Code), before the Hon’ble National Company Law Tribunal (NCLT), New Delhi Bench.

The petition was admitted by the Hon’ble NCLT via its order dated November 24, 2020 (CIRP Order). Pursuant to this order:

• A moratorium under Section 14 of the Code was declared.
• Mr. Ram Singh Setia was appointed as the Interim Resolution Professional (IRP).
• At the first meeting of the Committee of Creditors (CoC) held on December 23, 2020, Mr. Setia was confirmed as the Resolution Professional (RP).

Project Details

The company has established a 1.65 MMTPA cement grinding unit at Additional Sinnar Industrial Area, MIDC, Village Musalgaon, Taluka Sinnar, District Nashik, Maharashtra. There was a proposal to expand this capacity to 4.95 MMTPA by installing two additional cement mills and supporting infrastructure, once the initial unit became operational.

The site is strategically located near the RattanIndia Nashik Power Limited (RNPL)—formerly Indiabulls Realtech Ltd. (IRL)—which operates a 2,700 MW coal-based thermal power plant situated within a Special Economic Zone (SEZ) developed as a joint venture with MIDC. The JV company is Indiabulls Industrial Infrastructure Ltd. (IIIL).

EIL entered into a sub-lease agreement dated October 1, 2012, with IIIL for a 36.37-hectare land parcel at the site.

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