Prime real estate near Varanasi airport hits auction block in liquidation sale

A significant parcel of commercial land and buildings belonging to Varanasi Auto Sales Limited (VASL) has officially been put up for sale via e-auction. The public announcement, issued by the court-appointed liquidator, marks a major step in the company’s ongoing liquidation process under the Insolvency and Bankruptcy Board of India (IBBI).

Strategic Location and Asset Details

The property on offer is a substantial plot of land including existing buildings and structures situated at Plot Arzi No. 9 in Village Babatpur, Varanasi. Spanning approximately 90.82 Biswa, the site boasts a highly strategic location on the Lucknow-Varanasi Highway.

Key features of the property include:

• Frontage: Approximately 150 square feet facing the main highway.
• Accessibility: Situated near the underpass of the overbridge, directly opposite the Varanasi Airport road.
• Infrastructure: The plot is demarcated by a boundary wall and features an entry gate directly from the highway.

Financial Terms and Auction Timeline

The liquidator has set the Reserve Price for the entire immovable property at Rs 34,42,00,000 (Thirty-Four Crores Forty-Two Lacs). Interested parties are required to submit an Earnest Money Deposit (EMD) of 10%, totaling INR 3,44,20,000.

The auction process is governed by a strict timeline:

• EOI Submission Deadline: Monday, May 25, 2026, by 5:00 PM.
• Due Diligence Period: Friday, May 29, 2026, to Monday, June 8, 2026.
• EMD Submission Deadline: Tuesday, June 9, 2026, by 6:00 PM.
• Auction Date: Friday, June 12, 2026, between 11:00 AM and 6:00 PM.

The bid increment value for the electronic auction has been fixed at Rs 10,00,000.

Bidder Eligibility and Requirements

The sale is being conducted on an “As is where is,” “As is what is,” and “No recourse” basis, meaning the buyer assumes all risks and the disposition is without warranties.

Potential buyers must satisfy the eligibility criteria under Section 29A of the Insolvency and Bankruptcy Code (IBC), ensuring they are not disqualified from bidding for the assets of a corporate debtor. While a single bidder is required to bid for the entire immovable property, the liquidator has clarified that a consortium of bidders may participate, provided they identify a single point of contact.

Administrative Details

The e-auction will be hosted on the IBBI-approved platform at https://ibbi.baanknet.com/eauction-ibbi/home.

The liquidation is being managed by Mr. Yogesh Gupta, based in Kolkata. Prospective bidders are encouraged to perform their own due diligence regarding land revenue, taxes, and ownership before participating. Detailed documentation and land-related files have been made available via a dedicated digital folder for transparency.

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