Cheema Spintex Limited’s assets valued at ₹57 crore to go under e-auction on December 26

The liquidator of Cheema Spintex Limited, which is undergoing liquidation, has announced an e-auction of the company’s assets later this month. The auction, scheduled for December 26, 2025, will see the sale of industrial land, buildings, and certain not readily realisable assets, with a combined reserve price exceeding ₹57 crore.

The auction is being conducted under the provisions of the Insolvency and Bankruptcy Code, 2016, following an order dated May 8, 2025, from the National Company Law Tribunal (NCLT), Chandigarh Bench I. Arun Gupta, the appointed liquidator, will oversee the sale through the Baanknet (formerly eBKray) e-auction platform.

Key Assets on Sale

• Lot 1: Industrial land measuring approximately 33 acres (132 Bigha 9 Biswa) located in Village Kauli Majra, Tehsil Derabassi, SAS Nagar, Punjab, along with a building structure of about 1,796 square metres. The reserve price has been set at ₹55,30,55,513.
• Lot 2: Not readily realisable assets (NRRA) linked to two interlocutory applications—IA No. 366 of 2025 (under Section 66 of IBC) for ₹5.88 crore and IA No. 365 of 2025 (under Section 43 of IBC) for ₹25 lakh. The reserve price for this lot is ₹2 crore.

Interested bidders must register and submit their bids exclusively through the Baanknet platform. The auction will be conducted on an “as is where is,” “as is what is,” “whatever there is,” and “no recourse” basis, meaning buyers assume all risks related to the assets’ condition, title, and encumbrances.

Important Dates & Requirements

• Last date for bid application with KYC and Section 29A eligibility documents: December 24, 2025
• Earnest Money Deposit (EMD) deadline: December 24, 2025
• Physical inspection of assets: December 24, 2025 (by prior appointment)
• E-auction: December 26, 2025, from 11:00 AM to 3:00 PM, with unlimited 5-minute extensions
• Declaration of successful bidder: December 29, 2025

The EMD for Lot 1 is ₹2.5 crore, while for Lot 2 it is ₹20 lakh. Bidders must also comply with Section 29A of the IBC, which bars certain categories of persons from participating in the resolution or liquidation process.

Terms & Conditions
Prospective buyers of Cheema Spintex assets are advised that the assets, particularly Lot 1, are subject to legal encumbrances as per judicial orders. Bidders are expected to conduct their own due diligence regarding titles, statutory liabilities, and existing claims. No objections will be entertained after bidding.

The successful bidder must pay the balance sale consideration within 90 days of demand, failing which the sale may be cancelled and the EMD forfeited. All transfer costs, including stamp duty, GST, registration fees, and other statutory dues, will be borne by the purchaser.

The liquidator has clarified that the notice does not constitute a binding offer, and participation in the e-auction implies unconditional acceptance of all terms.

For detailed process documents, bidders can visit the Baanknet platform or contact the liquidator at liq.cheemaspintex@gmail.com or mobile +919878991186.

About Cheema Spintex Limited
Incorporated in 1994, Cheema Spintex Limited was engaged in textile manufacturing. The company entered liquidation following NCLT proceedings, and its assets are now being sold to realize value for creditors.

Contact:
Arun Gupta, Liquidator
Email: arunsapna.ca@gmail.com | liq.cheemaspintex@gmail.com
Mobile: +91 9878991186

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