Liquidator puts Fantastic Buildcon hotel structure on the block at ₹80.49 crore

The liquidator of Fantastic Buildcon Pvt Ltd has invited bids for a second e-auction of a bare-shell hotel structure at Omaxe Connaught Place in Sector Beta-II, Gautam Budh Nagar, at a reserve price of ₹80,48,84,130 — more than double the total claims admitted against the company during its insolvency proceedings.

According to the sale notice dated August 28, 2026, issued by liquidator Om Prakash Vijay, the auction will be held on September 19, 2026 between 11:15 a.m. and 1:15 p.m. on the Baanknet platform, with unlimited five-minute extensions. Earnest money deposit has been fixed at ₹8,04,88,413, or 10 per cent of the reserve price, with the last date for submission of EMD and documents set at September 16. The bid increment is ₹10 lakh.

The asset on offer is a built-up bare shell measuring 2,84,770.23 sq ft, comprising two basements, a ground floor and 16 upper floors, built as a hotel project on land allotted by the Greater Noida Industrial Development Authority to the developer. At the reserve price, the structure is being offered at roughly ₹2,826 per sq ft.

The notice discloses a significant title caveat. The property was acquired by the corporate debtor through an unregistered agreement dated October 30, 2006, and the title documents “are yet to be registered by the developer in favour of the corporate debtor.” The sale is on an “as is where is”, “as is what is”, “whatever there is” and “no recourse” basis, and the notice adds that bidders must factor in a pending CA/IA before Court-V of the NCLT, New Delhi, at their own cost. The company’s registered office at Masjid Road, Bhogal, is described in the notice as “not in existence”.

Fantastic Buildcon was admitted to insolvency by the NCLT Principal Bench on June 13, 2018 in CP (IB)-37(PB)-2018, on an application by financial creditors led by Dinesh Chand Jain. An appeal by Rajesh Gupta against the admission, CA (AT) No. 317 of 2018, was dismissed by the NCLAT on August 9, 2018, and the tribunal ordered liquidation on July 2, 2019 in CA-516(PB)-2019. Om Prakash Vijay has served as IRP, resolution professional and liquidator through the process.

IBBI records total admitted claims of ₹37.85 crore against Fantastic Buildcon — ₹18.76 crore owed to financial creditors and ₹19.09 crore to operational creditors — with no resolution plan received during the CIRP. The reserve price for this single asset is therefore about 2.1 times the entire admitted claim pool.

The liquidation has now run for more than seven years since the commencement date. The successful bidder must pay the balance consideration within 90 days, with interest at 12 per cent on payments made after 30 days, and will bear stamp duty, GST and all transfer costs. The notice invokes IBBI circular No. IBBI/LIQ/84/2025 dated March 28, 2025 for forfeiture of EMD and instalments where a bidder is found ineligible.

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