Yatin Steels India liquidator invites bids for ₹476 crore assets

Following a prolonged insolvency process that failed to yield a viable rescue plan, the Mumbai Bench of the National Company Law Tribunal (NCLT) has ordered the liquidation of Yatin Steels India Private Limited. The court-appointed liquidator has now moved to auction the company’s “Not Readily Realisable Assets” (NRRA), including a massive legal claim valued at over ₹476 crore.

The Auction: Chasing ₹476 Crore in Legal Claims

The liquidator, Sanjay Vijay Jeswani, has issued a public invitation for Expressions of Interest (EoI) for the assignment of these specific assets on an “as is where is” and “without recourse” basis.

The centerpiece of the auction is an application filed under Section 66 of the IBC (pertaining to fraudulent or wrongful trading), carrying a book value of ₹476.94 crore. Investors looking to participate must adhere to the following timeline:

• Submission of EoI & EMD (₹1,00,000): By Saturday, April 11, 2026, before 1:00 PM.
• Submission of Final Bid/Proposal: By Saturday, April 18, 2026, before 11:00 AM.

The Road to Liquidation

The downfall of Yatin Steels began on April 28, 2023, when the NCLT admitted an insolvency petition filed by an operational creditor, Maruti Strips and Ferro Alloys Private Limited. Despite a Corporate Insolvency Resolution Process (CIRP) that spanned over 300 days and involved 17 meetings of the Committee of Creditors (CoC), no resolution plan could be finalized.

While initial interest was shown by firms such as Kalinga Metalics Ltd. and ETCO Telecom Pvt. Ltd., the CoC ultimately found that none of the submitted plans were acceptable. With the 270-day and subsequent 300-day deadlines expiring, the CoC—consisting of Union Bank of India, Punjab National Bank, Canara Bank, and Indian Overseas Bank—voted with a 100% majority to move for liquidation.

Financial Turbulence

The liquidation order comes amid a period of extreme volatility for the company and the broader sector. The Rupee’s recent slide to 94.82 against the dollar and surging energy prices linked to geopolitical tensions in the Strait of Hormuz have added structural pressure to many domestic industrial firms.

In its final order, the NCLT bench, comprising Ms. Anu Jagmohan Singh (Technical Member) and Mr. Kishore Vemulapalli (Judicial Member), noted that the liquidation was necessary as no viable resolution was in sight. All powers of the company’s Board of Directors have now been transferred to the liquidator to facilitate the sale of assets and recovery of dues.

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