E-Auction set for Jammu assets of Surya Pharmaceutical with reserve price of ₹92 crore

Assets worth Rs 92 crore of Surya Pharmaceutical Limited, which is under liquidation, will be put on the block in a high-value e-auction later next year. The liquidator has called for bids for the company’s manufacturing facility in Jammu & Kashmir, with the total reserve price for the assets set at over Rs 183 crore.

The e-auction is scheduled for November 28, 2025, and will be conducted online via the BAANKNET platform.

The liquidation estate includes the company’s facility located at Industrial Growth Centre-II in Samba, Jammu. To maximize the potential for a successful sale, the liquidator, Harvinder Kumar Jatana, has divided the assets into three separate lots.

• Lot 1: A composite bid for the entire unit, including the 80 Kanal land (on a 90-year lease), the building, and all plant, machinery, and movable equipment. The reserve price for this lot is set at ₹91.74 Crore.
• Lot 2: The land and building alone, with a reserve price of ₹42.62 Crore.
• Lot 3: All plant, machinery, furniture, fixtures, and movable equipment separately, with a reserve price of ₹49.12 Crore.

Prospective bidders must deposit an Earnest Money Deposit (EMD) of 10% of the reserve price for their chosen lot. The last date for submission of eligibility documents and EMD is November 25, 2025.

The sale is being conducted on an “as is where is” and “no recourse” basis, meaning the buyer will acquire the assets in their current condition with no future claims against the liquidator.

Key auction conditions

The auction notice outlines several critical conditions for the sale:

1. Preference to Composite Bid: A bidder for the entire unit (Lot 1) will be given preference if their bid matches the combined highest bids received for Lot 2 and Lot 3.
2. Interlinked Sale of Lots 2 & 3: The sale of the land and building (Lot 2) will only be confirmed if a successful bid is also received for the plant and machinery (Lot 3). This condition suggests the liquidator’s strategy to ensure all assets are sold.
3. Eligibility Scrutiny: Bidders must submit an affidavit declaring their eligibility under Section 29A of the Insolvency and Bankruptcy Code, 2016, which prevents defaulting promoters from regaining control of the company. Failure to meet eligibility criteria will result in the forfeiture of the EMD.

Interested parties can inspect the assets with prior intimation to the liquidator until November 25, 2025.

Surya Pharmaceutical Limited was ordered into liquidation by the National Company Law Tribunal (NCLT), Special Bench, New Delhi, in August 2019. The upcoming e-auction marks a significant step in the process of liquidating the company’s assets to settle its outstanding debts.

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