Neeta Chemicals asset up for e-auction under IBC; Hyderabad land parcel valued at ₹21 crore

A Hyderabad-based land parcel belonging to Neeta Chemicals (India) Private Limited, which is undergoing liquidation under the Insolvency and Bankruptcy Code (IBC), has been put up for e-auction by the liquidator to recover value for stakeholders.

The liquidator has invited expressions of interest for assignment/transfer of the company’s Not Readily Realisable Asset (NRRA) under the Insolvency and Bankruptcy Board of India (IBBI) Liquidation Process Regulations, 2016.

The asset being auctioned is an open land parcel measuring 3,630 square yards (approximately 3,035.14 sq metres) located at Jeedimetla Village, Qutubullapur Mandal, GHMC Circle, Medchal-Malkajgiri District, Hyderabad, Telangana.

The reserve price for the property has been fixed at ₹21 crore, with an Earnest Money Deposit (EMD) requirement of ₹2.10 crore. The incremental bidding amount has been set at ₹10 lakh.

The e-auction is scheduled for July 31, 2026, between 2 pm and 3 pm, with an unlimited extension of five minutes if bids are received during the final five minutes of the auction.

According to the auction notice, Neeta Chemicals acquired the land on February 19, 2011. However, during the liquidation process, the Endowments Department raised objections, claiming that the asset is an endowment property prohibited from transfer under Section 22A of the Registration Act.

The matter is currently subject to legal proceedings. The notice states that the land belongs to Hanuman Temple and a Status Quo Order was passed by the Hon’ble Telangana Endowment Tribunal on November 17, 2022, directing maintenance of the existing position. The liquidator has advised prospective bidders to independently verify the title and legal status of the property before submitting bids.

The auction notice also mentions pending litigation before the National Company Law Tribunal (NCLT), Hyderabad Bench, regarding the transfer/assignment of the asset during the earlier liquidation process.

The liquidator clarified that the asset is being sold on an “as is where is”, “as is what is” and “without recourse” basis, and bidders will have to undertake their own due diligence regarding title, encumbrances, approvals, litigation and other claims.

Interested bidders have been asked to submit their documents and expressions of interest through the IBBI-approved BaankNet auction platform. The last date for submission of EOI documents and the date for the site visit and due diligence have been fixed as July 28, 2026.

The liquidation proceedings are being handled by CA Kambhammettu Srinivasa Subbaraya Vamsi, liquidator for Neeta Chemicals (India) Private Limited.

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