Rs 280-cr assets of bankrupt REI Agro go under the hammer in mega e-auction

The liquidator of the insolvent REI Agro Limited has initiated a mega e-auction to sell the company’s manufacturing assets located in Bawal, Haryana. The sale, which will be conducted online on October 17, 2025, offers bidders a chance to acquire three entire factory units either as a whole or in parts, with a combined reserve price exceeding ₹280 crore.

According to a public notice issued by liquidator CA Anil Goel, the assets are being sold under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). The auction presents a significant opportunity for investors to acquire industrial land, building structures, and plant & machinery from the defunct rice processing giant.

Multiple Avenues for Bidders

The sale is structured to maximize value and attract a wide range of bidders. Prospective buyers can bid for entire factories on a “slump sale” basis, which involves purchasing the entire business unit as a going concern. Alternatively, they can bid for individual components—land, or building and machinery—on a piecemeal basis.

The assets are divided into nine distinct blocks:

• Unit I: Slump sale reserve price is set at approximately ₹50.38 crore.
• Unit II: The largest unit, with a slump sale reserve price of nearly ₹59.91 crore.
• Unit III: Slump sale reserve price is about ₹35.31 crore.

The total cumulative reserve price for all blocks, if sold separately, amounts to over ₹280 crore.

Key Auction Details and Cautions

The e-auction is scheduled for October 17, 2025, from 3:00 PM to 5:00 PM, with an unlimited extension window of five minutes for each new bid. The last date for submitting pre-qualification documents is October 14, and the earnest money deposit (EMD) must be submitted by October 15.

The liquidator has explicitly stated that the sale is on an “AS IS WHERE IS” and “AS IS WHAT IS” basis, meaning the assets are sold without any warranties. Bidders are strongly advised to conduct their own due diligence regarding property titles, outstanding dues to authorities like HSIDC, and the physical condition of the assets.

A critical clause in the notice clarifies that the identification of the highest bidder does not guarantee a successful sale. The liquidator, in consultation with the Stakeholders’ Consultation Committee (SCC), retains the “sole authority” to declare the successful bidder and can annul the process or prioritize any single block without assigning a reason.

Furthermore, all bidders must declare that they are not disqualified under Section 29A of the IBC, which bars certain defaulting promoters and related parties from bidding. Any false declaration will lead to the forfeiture of the EMD.

Interested parties can inspect the properties by prior appointment and must register on the official IBBI e-auction platform, BaankNet, to participate. The complete terms and conditions are available on the websites of the liquidator and the auction service provider.

REI Agro, once a prominent player in the basmati rice market, was ordered into liquidation by the National Company Law Tribunal (NCLT), Kolkata Bench, in August 2017. This auction marks a significant step in the final wind-down of the company’s assets.

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For Details:

• E-Auction Date: October 17, 2025
• Platform: https://ibbi.baanknet.com
• Contact: +91 8800865284 (Mr. Wasim, Adv. Harsh Gupta, CA Parth Garg)
• Email: reiagro@aaainsolvency.com

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