Venus Garments liquidator cuts reserve prices by up to 29%, puts ₹28-crore Ludhiana assets on the block again

The liquidator of Ludhiana-based knitwear maker Venus Garments (India) Limited has invited bids for the company’s land parcels and other assets at a combined reserve price of about ₹28.30 crore. The e-auction is scheduled for November 6, 2026.

The sale notice is dated October 13 and was published in The Tribune and Punjabi Tribune the same day. It cuts reserve prices on all four land-and-building lots compared with the previous auction attempt. In that round, held on November 27, 2025, liquidator Pramod Kumar Misra had offered the company’s assets at a combined reserve price of over ₹37 crore.

The steepest cut is on the 4,840 sq yd land and building on Kakowal Road, Ludhiana, which is also the most valuable lot. Its reserve price falls to ₹11 crore from ₹15.42 crore, a reduction of about 28.7%. The 3,630 sq yd (0.75 acre) property at Village Hussainpura, near Hotel Amaltas on GT Road, now carries a reserve price of ₹9.84 crore, down from ₹12.11 crore.

The plant-and-machinery lot has shrunk sharply. In the November 2025 round, it covered all of the company’s plant and machinery, including industrial sewing and knitting machines, washing units and generators, at a reserve price of ₹1.60 crore. The current notice describes the lot as mostly office furniture, fixtures, air-conditioners, computers and television sets, priced at ₹2.75 lakh. The notice does not say what happened to the production machinery.

The four land-and-building lots together now carry a reserve price of ₹28.21 crore, against ₹36.33 crore in the earlier round, a fall of about 22%.

All assets are offered only lot by lot, on an “as is where is, as is what is, whatever there is and no recourse” basis. The notice does not offer the company for sale as a going concern.

Timeline for bidders

Assets can be inspected from October 13 to October 28. The earnest money deposit (EMD) window runs from October 28 to November 3, which is also the last date for eligibility documents. Bidders must file an undertaking that they are not disqualified under Section 29A of the Insolvency and Bankruptcy Code (IBC). If a bidder is later found ineligible, its EMD will be forfeited.

The auction runs from 11 am to 3 pm on the Baanknet platform, with unlimited five-minute extensions. EMD must be paid through the portal’s e-wallet.

Road to liquidation

State Bank of India (SBI), the largest financial creditor with a 98.08% voting share, filed a Section 7 petition against the company in 2019. The NCLT admitted it on November 24, 2022. The committee of creditors voted unanimously for liquidation in May 2023, and the Chandigarh bench of the NCLT passed the liquidation order on July 22, 2025. While ordering liquidation, the tribunal rejected the promoter’s request for fresh bids. It found that the company had stopped operating and was not a going concern.

The liquidator has also gone to court to recover some of the properties. On June 11, the NCLT’s Chandigarh bench ordered Duke Fashions (India) Ltd to vacate prime Ludhiana properties forming part of the liquidation estate. The bench held that rent control proceedings cannot stand in the way of a liquidator’s statutory duties, and noted that the lease deeds were unregistered and had been executed between related parties of the suspended board. The sale notice does not mention who currently occupies any of the properties.

Also See: Xalta Food and Beverages Hapur bottling plant machinery up for e-auction at ₹41.82 crore