Rotomac’s Kanpur, Ahmedabad properties on the block; liquidator sets Rs 188.53 crore reserve across 13 blocks
The liquidator of Rotomac Global Pvt Ltd, the Kanpur pen maker at the centre of one of the country’s largest bank fraud cases, has invited bids for 13 blocks of land, buildings and plant and machinery across Kanpur and Ahmedabad, at reserve prices aggregating about Rs 138.53 crore after adjusting for overlapping lots, according to a sale notice issued on August 6.
The notice, issued by liquidator CA Anil Goel under Regulation 32(a) of the IBBI (Liquidation Process) Regulations, 2016, sets 3 pm to 5 p.m. on August 28 as the auction window, with unlimited extensions of five minutes each. The last date for submission of earnest money deposit is August 26 up to 7 p.m. The sale is being conducted on the IBBI-designated e-auction platform operated by BAANKNET.
Rotomac Global was admitted to insolvency by the National Company Law Tribunal, Allahabad bench, on a petition by Bank of Baroda, with the corporate insolvency resolution process commencing on September 20, 2017. The tribunal ordered liquidation on March 23, 2018 and appointed Goel, who had earlier served as interim resolution professional and resolution professional, as liquidator. The August 28 auction therefore falls in the ninth year of the liquidation.
Thirteen blocks, three of them overlapping
The largest single offering is Block I, comprising land, building and plant and machinery taken as a whole at Premises No. CF-II and Premises Nos. D-2 to D-6 in the Panki industrial area, Site No. 3, Kanpur Nagar, admeasuring 20,770.51 sq m, at a reserve price of Rs 38.31 crore with an EMD of Rs 3.83 crore. The same assets are separately offered as Block G, the land at those premises, at Rs 36.13 crore, and Block H, the plant and machinery there, at Rs 2.19 crore.
A parallel structure applies to the Ahmedabad industrial property at Survey No. 415 (paiki), Village Moraiya, Taluka Sanand. Block J, land and building measuring 9,824.05 sq m of land with 50,306 sq ft of building, carries a reserve of Rs 21.87 crore; Block K, the plant and machinery there, Rs 1.22 crore; and Block L, the same assets as a whole, Rs 23.09 crore. The notice states that Blocks G, H and I are interlinked and that Blocks J, K and L are also interlinked, and that the liquidator, in consultation with the members of the committee of creditors, reserves the right to select the H1 bidder in accordance with the terms of the auction document.
Among the standalone offerings, Block D — open land at Survey Nos. 756/1 and 756/2, Khata No. 829, at Moje-Kolat, Taluka Sanand, Ahmedabad, measuring 24,958 sq m — carries a reserve price of Rs 35.88 crore, the highest of any block outside the interlinked sets. Block M, the Bhagwati floor mill property at Survey No. 788 paiki (Khata No. 922), Village Rajoda, Taluka Bavla, Ahmedabad, measuring 12,825.03 sq m, is offered at Rs 20.33 crore.
The Kanpur commercial properties comprise Block E, Units 201 and 202 on the second floor of premises no. 63/2 at The Mall, Kanpur and Offices 223 and 223A on the second floor of the same premises at The Mall City Centre, aggregating 2,959.6 sq ft, at Rs 2.27 crore; and Block F, open land at Premises No. 24/6 Tulsa Kothi, Mall Road, Kanpur Nagar, measuring 432 sq m, at Rs 7.78 crore.
The Ahmedabad commercial and residential offerings are Block A, Offices 511, 513 and 515 on the fifth floor of Pinnacle Corporate Tower at Prahalad Nagar, Satellite, Vejalpur, measuring 6,152 sq ft, at Rs 4.05 crore; Block B, land at Survey No. 62, T.P. Scheme No. 11, Final Plot No. 77, Village Rakhial, Taluka City, measuring 2,022 sq m, at Rs 5.51 crore; and Block C, Flat No. 803 on the eighth floor with car parking at Shyam Vrund Apartment, Vejalpur, measuring 233 sq yd, at Rs 1.30 crore.
The reserve prices of the 13 blocks as printed sum to Rs 199.93 crore, but that figure double-counts the two interlinked sets. Excluding the overlap, the aggregate reserve price across the distinct assets on offer works out to about Rs 138.53 crore, and the corresponding aggregate EMD to about Rs 13.83 crore, both figures derived by computation and not stated in the notice. The EMD is set at 10 per cent of the reserve price for every block, on figures derived from the notice.
The notice discloses a small inconsistency in the Kanpur set. Block G at Rs 36.13 crore and Block H at Rs 2.19 crore together come to Rs 38.32 crore, against Rs 38.31 crore set for Block I, which covers the same assets as a whole — a difference of Rs 1 lakh. The Ahmedabad set is internally consistent, with Blocks J and K summing exactly to the Rs 23.09 crore set for Block L.
Enforcement Directorate release preceded the sale
The auction follows the release of properties that the Enforcement Directorate had attached in the money-laundering investigation into the group. The agency’s Delhi zonal office said in November 2025 that restitution of the attached properties, assessed at a market value of about Rs 380 crore, would allow the liquidator and the public sector banks concerned to proceed with liquidation for the benefit of victims, secured creditors and other legitimate claimants. The ED had provisionally attached properties worth about Rs 177 crore belonging to the company and its directors across Uttar Pradesh, Gujarat, Uttarakhand and Maharashtra in May 2018.
The extent to which the 13 blocks now on offer correspond to the restituted properties could not be established from the sale notice, which makes no reference to the attachment or its release.
The underlying case dates to February 2018, when the Central Bureau of Investigation registered a case on a complaint by Bank of Baroda against the company, its promoter Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari, and unidentified bank officials. The agency alleged that loans of Rs 2,919 crore drawn from 2008 onwards from a consortium of seven public sector banks had been diverted, with the outstanding amount rising to about Rs 3,695 crore including accrued interest. Bank of India was the consortium leader with Rs 754.77 crore, followed by Indian Overseas Bank at Rs 771.07 crore, Union Bank of India at Rs 458.95 crore, Bank of Baroda at Rs 456.63 crore, Allahabad Bank at Rs 330.68 crore, Oriental Bank of Commerce at Rs 97.47 crore and Bank of Maharashtra at Rs 49.82 crore, as per the CBI’s figures.
Measured against the Rs 3,695 crore claimed by the investigating agency, the aggregate reserve price now on offer amounts to about 3.75 per cent, a derived figure. The comparison is indicative only: the reserve price is a floor rather than an expected realisation, the admitted claims in the liquidation have not been established from the notice, and Rotomac Exports Pvt Ltd, a separate corporate debtor of the group also under Goel’s charge, is in liquidation in a parallel proceeding.
Auction terms
The e-auction is on an “as is where is”, “as is what is”, “whatever there is” and “without recourse” basis, without warranties or indemnities. The notice cites Clause 1(5A) of Schedule I to the Liquidation Process Regulations, under which bidders must declare that they are not disqualified under Section 29A of the Insolvency and Bankruptcy Code or otherwise ineligible, and states that the EMD will be forfeited if ineligibility is later established.
Bidders have been directed to refer to the terms and conditions on the website of AAA Insolvency Professionals LLP, on the IBBI website or on the BAANKNET portal before submitting EMD and participating. The liquidator’s address for correspondence is First Floor, 64, Okhla Estate, Phase III, near Modi Mills, New Delhi 110020.
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