Thane land of Sapphire Space Infracon set for e-auction; reserve price fixed at Rs 42 crore

Prime land parcels spanning over 32 acres in Thane district, owned by Sapphire Space Infracon Private Limited and its associate company, are set to go under the hammer in November. The e-auction, ordered by the National Company Law Tribunal (NCLT), marks the final chapter in the insolvency process of Sapphire Space, which culminated in liquidation after a failed resolution attempt.

The liquidator, Harish Kant Kaushik, has issued a notice for the e-auction scheduled for November 7, 2025. The assets, part of the “Sathyanagar Project” in Ranishigaon (Nevale) village, will be sold in two ways: either jointly as a “going concern” for a reserve price of ₹41.91 crore, or in a separate parcel for the same amount. The auction will be conducted online on the eBKray platform. This sale is the culmination of a corporate insolvency saga that began years ago.

A timeline to liquidation

The NCLT’s Mumbai bench admitted Sapphire Space Infracon into the Corporate Insolvency Resolution Process (CIRP) on April 6, 2021, following a petition by financial creditor Ganges Ink and Resins Private Limited.

The process, however, was marred by delays and operational hurdles from the start. The initial Interim Resolution Professional (IRP) expressed unwillingness to continue, leading to the appointment of Mr. Harish Kant Kaushik as the Resolution Professional (RP) in August 2021.

A critical obstacle, as noted in the NCLT’s liquidation order dated November 30, 2023, was the “lack of co-operation from the erstwhile directors.” The RP repeatedly sought essential records, including documents related to homebuyers and accounting books. Crucial audited financial statements for 2020 and 2021 were only provided as late as March 14, 2022, severely stalling the valuation of the company’s assets.

Despite initiating the resolution process, publishing Expression of Interest (EoI), and receiving interest from two prospective applicants, no resolution plan was ultimately submitted by the extended deadline of December 25, 2021.

Faced with expired timelines and incomplete information necessary to attract a viable revival plan, the Committee of Creditors (CoC), in its 8th meeting held on March 14, 2022, passed a resolution with a 100% vote to liquidate the company. The CoC also approved a plan to infuse ₹9.62 lakh to cover potential liquidation costs.

The road ahead: The e-auction

The NCLT, acknowledging the circumstances, ordered the liquidation of Sapphire Space Infracon and appointed Mr. Kaushik as the liquidator.

The upcoming auction represents the core of the liquidation process, aiming to monetize the company’s primary assets—the land parcels in Thane—for the benefit of its creditors. Prospective bidders must submit an Earnest Money Deposit (EMD) of ₹4.19 crore and are required to provide a declaration of eligibility under Section 29A of the IBC, which bars certain categories of persons from submitting a bid.

The last date for submitting an EoI, conducting a site inspection, and depositing the EMD is November 5, 2025. The outcome of this auction will determine the final recovery for the financial creditors of the beleaguered real estate firm.

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