Liquidator puts Grids Steel & Alloys’ Cuttack plant on the block for ₹32.56 crore

The liquidator of Grids Steel & Alloys Ltd, an Odisha steel company under liquidation, has invited bids for its plant in Cuttack district as a slump sale. The reserve price is ₹32.56 crore, according to a sale notice published on Wednesday.

Liquidator Suresh Chandra Pattanayak, appointed by the Cuttack bench of the National Company Law Tribunal, will sell the company’s land, building and plant and machinery together. The factory is at Kapursing, in the Athagarh sub-division of Cuttack district. The sale falls under Regulation 32(b) of the IBBI (Liquidation Process) Regulations, 2016, which covers selling the assets in a slump sale. It will be conducted on an “as is where is, as is what is, whatever there is and no recourse” basis, without warranties or indemnities.

Bidders must submit expressions of interest and an earnest money deposit of ₹50 lakh by 5 pm on October 21. The e-auction runs from 3 pm to 5 pm on October 23 on the IBBI’s Baanknet platform, with unlimited 10-minute extensions until 7 pm. Bids must go up in steps of ₹5 lakh. Site inspections are allowed from October 1 to October 19 with prior permission. Each bidder must also give an undertaking that it is not barred under Section 29A of the Insolvency and Bankruptcy Code; an ineligible bidder forfeits its deposit. The winning bidder pays all applicable taxes and duties on top of the reserve price.

This is the liquidator’s third attempt to sell the plant this year. IBBI records show earlier auction notices for an auction on February 9, 2026 at a reserve price of ₹20.91 crore, and another on September 22, 2026 at a reserve price of ₹32.61 crore. The new reserve is ₹5 lakh lower than the September figure. It is still about 56% above the reserve set in February. The notice does not say what happened at either earlier round.

The company’s insolvency began with a petition by Canara Bank. NCLT Cuttack cause lists show the matter as Canara Bank vs Grids Steel & Alloys Ltd, CP (IB) No. 29/CB/2022. The tribunal admitted the company into the corporate insolvency resolution process on January 31, 2023, and passed an order appointing a liquidator on September 26, 2025. Canara Bank holds a registered charge of ₹54.42 crore on the company’s assets, according to company-registry data.

Grids Steel is an unlisted public company incorporated in April 2008, with a paid-up capital of ₹21.30 crore. It is registered in Berhampur, Odisha. Its last balance sheet filed with the Registrar of Companies was for the year ended March 31, 2018. Its latest claims list in liquidation is dated November 24, 2025.

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