20-acre WB land parcel of Khaitan Electricals to go under the hammer on 10 June

Khaitan Electricals Limited, currently under liquidation pursuant to the Insolvency and Bankruptcy Code, 2016 (IBC), will auction a 20.52-acre freehold land parcel in West Bengal through an online e-auction on 10 June 2026. The sale is being conducted by court-appointed liquidator Kamalesh Kumar Singhania on an “as is where is” basis, with no warranties or representations.

The property, located at Mouza Sangur, Panchayat Protapnagar, under Sonarpur police station in South 24 Parganas district, carries a reserve price of ₹4,89,29,310 (approximately ₹4.89 crore). Interested bidders are required to deposit an Earnest Money Deposit (EMD) of ₹48,92,900 ahead of participation.

The auction will be held on the BAANKNET platform (https://ibbi.baanknet.com) between 11 AM and 1 PM on the auction date.

Eligibility documents and the EMD must be submitted no later than 8 June 2026. Prospective buyers may inspect the property on 1 June 2026 between 11 AM and 5 PM. The process memorandum, which contains dag numbers, detailed terms, and eligibility criteria, has been available on the auction portal since 12 May 2026.

All bidders are required to submit an undertaking confirming they do not suffer from any disqualification under Section 29A of the IBC. Failure to meet eligibility requirements at any stage will result in forfeiture of the EMD, in line with IBBI Circular No. IBBI/LIQ/84/2025 dated 28 March 2025. EMD payments must be routed exclusively through the BAANKNET e-wallet.

The liquidator has reserved the right to accept, reject, cancel, or modify any bid or auction term without assigning reasons. For queries, interested parties may contact the liquidation office at cirp.kel@gmail.com or call 9831084745 / 033-22118800.

Key dates at a glance

Last date for property inspection: 1 June 2026

Last date for eligibility documents: 8 June 2026

Last date for EMD submission: 8 June 2026

E-auction date & time: 10 June 2026, 11 AM – 1 PM

Liquidator: Kamalesh Kumar Singhania, IBBI Regn. No. IBBI/IPA-002/IP-N00023/2016-17/10050  ·  AFA valid up to 30 June 2027

Background

The National Company Law Tribunal (NCLT), Hyderabad Bench, on 23 August 2019 passed a liquidation order against Khaitan Electricals Limited, a company headquartered at the Co-operative Industrial Estate in Balanagar, Hyderabad, after the Corporate Insolvency Resolution Process (CIRP) failed to attract a viable resolution plan.

The insolvency proceedings were originally triggered by Bank of India, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CIRP was formally initiated against Khaitan Electricals vide order dated 28 November 2018, with Mr. Kamalesh Kumar Singhania appointed as Interim Resolution Professional (IRP). He was subsequently confirmed as Resolution Professional (RP) by the Adjudicating Authority on 13 February 2019, following approval by the Committee of Creditors (CoC) at its second meeting on 24 January 2019.

Despite the RP publishing Form G and inviting Expressions of Interest (EOI) on two occasions, no resolution plan was received. With the statutory 180-day CIRP window expiring on 27 May 2019 and no rescue plan forthcoming, the CoC at its fifth meeting on 30 April 2019 voted with 79.78% majority to recommend liquidation and to appoint Singhania as Liquidator.

Also See: Rs 21.6 crore assets of Sri Pavana Keerti Hotels on sale under liquidation process