Saasa Musa Sugar to be auctioned as ‘going concern’ at reserve price of Rs 92.25 crore
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Saasa Musa Sugar Works Private Limited, a company undergoing liquidation under the IBC, is set to be sold as a “going concern” through an e-auction at a reserve price of Rs 92.25 crore. The company, which operates a sugar mill in Bihar, was ordered into liquidation by the National Company Law Tribunal (NCLT), Kolkata Bench, on February 20, 2025.
The sale, approved during the 67th Stakeholders’ Committee of Creditors (SCC) meeting, will be conducted by Liquidator Mr. Manish Jain. The entire business, including its assets, will be sold on an “As is where is,” “As is what is,” “Whatever there is,” and “Without any recourse” basis. This approach, as per Regulation 32(e) of the IBBI Liquidation Regulation, 2016, aims to keep the company’s operations intact.
Key details of the e-auction
The e-auction will be held on September 5, 2025, from 11:30 AM to 1:30 PM, on the e-auction platform provided by Baanknet. The reserve price for the bid is set at Rs 92.25 Crores, with a required earnest money deposit (EMD) of Rs 9.225 crores. Prospective bidders can increase their offers with a minimum bid incremental value of Rs 0.50 crore.
Assets and inspection period
The primary asset being sold is the sugar mill itself, which has a sugarcane crushing capacity of 2500 TPD (Tonnes Per Day). It is located in the Sasa Musa area of Gopalganj, Bihar. The location is strategically positioned, being just 1 km from the nearest railway station and a national highway.
Interested parties can inspect the assets and conduct due diligence from August 4, 2025, to August 29, 2025. The last date for prospective bidders to submit their EMD is September 1, 2025, before 1:00 PM. Final submission of bid forms, including KYC documents and a declaration of eligibility under Section 29A of the IBC, must be completed by August 29, 2025.
Saasa Musa Sugar was promoted by the late Sheikh Mohammad Ibrahim in 1933. The company produces
sugar at its factory in Sasa Musa, Bihar.
Also Read: Punj Lloyd to go under the hammer at reserve price of Rs 308 cr; e-auction on 4th Aug
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