Rs 149-cr assets of Ushdev International up for sale under liquidation process

Liquidator Trupalkumar J Patel has invited bids for 14 lots of land, windmills, equity shares and advance receivables belonging to Ushdev International Limited (in liquidation), with a cumulative reserve price of Rs 149.05 crore, according to an e-auction sale notice dated July 20, 2026.

The assets will be sold on the BAANKNET e-auction platform on an “as is where is,” “as is what is,” “whatever there is,” “without recourse basis” and “without any warranties” basis on August 6, 2026, between 11 a.m. and 1 p.m., with unlimited five-minute extensions if a bid is placed in the final five minutes before closure.

The sale comes roughly nine months after the National Company Law Tribunal, Mumbai bench, ordered the liquidation of the steel-trading and wind-power company on October 16, 2025. It is the first e-auction notice issued by the liquidator since that order, with no earlier failed sale attempt for these assets on record.

The estate is split into four blocks. Block A comprises land and buildings: two office premises at New Harileela House in Fort, Mumbai (Rs 3.81 crore and Rs 3.86 crore); two floors of Multicon Square in Erandwane, Pune (Rs 4.36 crore each); a leasehold commercial plot in Kalamboli, Raigad (Rs 6.06 crore); and a freehold commercial plot near the Mumbai-Pune Expressway in Khalapur, Raigad, the single largest land parcel at Rs 10.73 crore.

Block B covers two 0.8 MW wind turbine generators with land in Dharapuram taluk, Erode district, Tamil Nadu, reserved at Rs 3.81 crore. Block C comprises 11 wind turbine generators of 0.8 MW each spread across sub-leased forest and revenue land in Chitradurga (Karnataka), Jaisalmer (Rajasthan) and two sites in Jamnagar district, Gujarat, with reserve prices ranging from Rs 1.34 crore to Rs 3.30 crore.

Block D consists of equity shares and advance receivables. The largest single lot in the entire sale is the company’s equity holding in Uttam Galva Ferrous Ltd, reserved at Rs 97.04 crore. A smaller lot covers equity in The Shamrao Vithal Co-operative Bank Ltd (Rs 45.30 lakh), while a third lot bundles equity shares in Jankalyan Sahkari Bank, The Greater Bombay Co-Op Bank, The Kalyan Janta Sahkari Bank and Vijay Devraj Gupta Foundation, together with an operational creditor claim receivable from Wind World India Ltd, currently under corporate insolvency resolution, at a combined reserve of Rs 6.43 crore.

Bidders must submit earnest money deposits totalling roughly Rs 15.29 crore across the 14 lots, calculated at 10 percent of each lot’s reserve price. Site inspection and due diligence are open from July 21 to August 4, 2026, with one day’s prior notice to the liquidator, and the deadline for EOI submission, eligibility documents and EMD is August 4, 2026 by 6 p.m.

Only bidders eligible under Section 29A of the Insolvency and Bankruptcy Code, 2016 may participate, and prospective bidders must register on the BAANKNET portal and submit a declaration of eligibility under Section 29A read with Section 35(1)(f) of the Code. The reserve prices exclude GST, other taxes, stamp duty, registration charges and other applicable duties. The liquidator has reserved the right to accept or reject any or all bids, and to postpone, modify, cancel or withdraw any asset from the sale at any stage.

Ushdev International Limited was engaged in metal trading and wind power generation, with an installed wind capacity of 28.3 MW across five states before entering liquidation.

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