Ind-Barath Power (Madras) Ltd’s 641-acre Tuticorin plant heads to auction

A sprawling 641-acre power plant site in Tuticorin, Tamil Nadu, is set to go under the hammer on 29 June 2026, as the liquidation proceedings of Ind-Barath Power (Madras) Limited enter a decisive phase. The company, which was ordered into liquidation by the NCLT Hyderabad Bench on 22 April 2019, has been working through its assets under the Insolvency and Bankruptcy Code, 2016, for over seven years.

The asset on the block is no small parcel. Spread primarily across Sasthavinallur and Pallakuruchi villages in the Sattankulam and Tiruchendur talukas of Thoothukkudi district, the lot includes not just the land but the entire infrastructure sitting on it — buildings, plant, and machinery. The liquidator, Ashish Arjunkumar Rathi, has set a reserve price of ₹59,73,59,382, roughly ₹59.74 crore, with a bid increment of ₹50 lakh per step. Prospective buyers will need to bring an Earnest Money Deposit of just under ₹6 crore to the table.

The auction will be conducted entirely online through the IBBI-designated BAANKNET platform and is scheduled to run from 11 AM to 6 PM on auction day, with an unlimited auto-extension of five minutes each time a bid comes in during the final stretch — meaning serious competitive bidding could push the session well past its scheduled close.

Those interested have until 26 June 2026 to submit both their eligibility documents and their EMD through the portal. A site inspection window is open from 29 May through 26 June for buyers wishing to conduct physical due diligence. Crucially, all bidders must also submit a signed undertaking confirming they are not disqualified under Section 29A of the IBC — and any bidder found ineligible at any stage risks forfeiture of their deposit.

The sale, as is standard in IBC liquidations, comes with no warranties, no representations, and no recourse — strictly on an “as is where is, whatever there is” basis. The liquidator reserves the right to accept or reject any bid without assigning reasons, and the notice itself creates no binding obligation on either side to complete the transaction.

Ind-Barath Power (Madras) Limited was incorporated in Tamil Nadu in 2009 as part of the Ind-Barath group, which operated thermal power assets across southern India. The Tuticorin plant was its principal physical asset. With this auction, the liquidation estate moves toward resolution after years of proceedings. For queries, interested parties may reach the liquidation office at liquidationibpml@gmail.com or call +91-7506356748 / +91-9702482690.

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