E-auction announced for Nakoda Limited; assets valued at over ₹103 crore

The liquidator for Nakoda Limited, Ravindra Kumar Goyal, has announced a formal e-auction for the sale of the company’s assets under the Insolvency and Bankruptcy Code (IBC), 2016. The auction, scheduled for April 29, 2026, offers the corporate debtor for sale as a going concern or on a standalone basis.

Auction details and asset blocks

The sale is divided into several blocks, with Block A representing the sale of the corporate debtor as a going concern. This block carries a reserve price of ₹103.31 crore and requires an Earnest Money Deposit (EMD) of approximately ₹5.16 crore.

According to the auction notice, Nakoda Limited possesses significant tax benefits and assets, including:

• Carry forward losses: ₹4.59 crore.
• Unabsorbed depreciation: ₹232.75 crore.
• Unutilized GST credit: ₹30.27 crore.
• Trade receivables: ₹480 crore (as per 2019 audited statements).

Other blocks available for bidding include the entire Surat Plant (Block B) with a reserve price of ₹79.76 crore, as well as options to purchase the plant in sections (Phase-1 or Phase-2) or a residential flat on a piecemeal basis. Notably, if a successful bid is achieved for Block A, all other blocks will be automatically cancelled.

Legal and regulatory context

Prospective bidders are cautioned that the company’s properties are currently subject to legal complexities. Assets have been attached by the Enforcement Directorate (ED) and the Income Tax Department, with matters currently sub-judice before the Gujarat High Court and the Special Court under the Prevention of Money Laundering Act.

The liquidator clarified that the sale of the corporate debtor as a going concern is being conducted under previous regulations, as recent amendments regarding applicability to existing cases remain prospective.

Timeline for bidders

• Last Date for EMD & Pre-Qualification Documents: April 27, 2026, by 5:00 P.M..
• E-Auction Date: April 29, 2026, from 1:00 P.M. to 4:00 P.M..
• Payment Terms: The successful bidder must pay the balance within 30 days, though an extension of up to 150 additional days is possible subject to a 12% annual interest rate.

The auction will be held on the Baanknet e-auction platform. Interested parties are advised to conduct independent due diligence regarding the “as is where is” sale.

Details of the assets

The following table outlines the specific asset blocks available for the upcoming e-auction on April 29, 2026. The liquidator has specified that if a successful bidder is announced for Block A, all other blocks (B, C, D, and E) will be automatically cancelled. Similarly, a successful bid for Block B will cancel blocks C, D, and E.

Block	Asset description	Reserve Price (INR)	EMD (INR)	Incremental Value (INR)
A	Sale of Corporate Debtor as a Going Concern (Includes all assets and liabilities; excludes Cash, Bank Balance, and PUFE transactions). Includes carry forward losses (~₹4.59 Cr), unabsorbed depreciation (~₹232.75 Cr), and GST credit (~₹30.27 Cr).	103,31,25,412	5,16,56,271	50,00,000
B	Sale of Entire Surat Plant (Situated at Block No 1 & 12 to 16 Village-Karanj, Surat). Comprises Phase-1, Phase-2, and a Flat. Total land admeasuring 51,853.05 sq. meters.	79,76,22,912	3,98,81,146	50,00,000
C	Sale of Surat Old Plant (Slump Sale): Includes Land and Building, Plant and Machinery at Phase-1 (Land admeasuring 33,303 sq. meters).	32,62,28,708	1,63,11,435	10,00,000
D	Sale of Surat Plant (Slump Sale): Includes Land and Building, Plant and Machinery at Phase-2 (Yarn Manufacturing Plant). Land admeasuring 18,550.05 sq. meters.	46,98,44,204	2,34,92,210	10,00,000
E	Flat at Surat (Piecemeal basis).	15,50,000	77,500	50,000

Also See: Yatin Steels India liquidator invites bids for ₹476 crore assets