Baid Industries liquidator cuts reserve to ₹15.5 crore for Ankleshwar yarn unit; e-auction on October 30

The liquidator of Baid Industries Pvt Ltd has put the company’s factory at GIDC Panoli in Ankleshwar back on the block at a reserve price of ₹15.50 crore. That is about 16% below the reserve set in July and roughly 38% below the price sought in the first liquidation auction in late 2024.

According to an e-auction notice dated October 15 and issued by liquidator Jaykishan R. Rathi, the sale will be held on October 30 on the Baanknet platform under Regulations 32 and 33 of the IBBI (Liquidation Process) Regulations, 2016. The assets at Plot No. 8, GIDC Panoli are offered in three blocks:

• Block A (land and building with plant and machinery): reserve ₹15.50 crore, EMD ₹1.55 crore. Bidding runs from 12:00 pm to 1:30 pm.
• Block B (plant and machinery only): reserve ₹1.50 crore, EMD ₹15 lakh. Bidding runs from 2:00 pm to 3:30 pm.
• Block C (land and building only): reserve ₹14 crore, EMD ₹1.40 crore. Bidding runs from 4:00 pm to 5:30 pm.

Each block carries a bid increment of ₹5 lakh.

The blocks will be auctioned in sequence. If Block A sells, the auctions for B and C will be cancelled. If A fails, Block B goes under the hammer. Block C will be auctioned only if Block B finds a buyer, so the land will not be sold on its own unless the machinery is sold first. Bidders must upload their KYC and declaration documents and deposit EMD by October 28, and site inspections are allowed until that date. The sale is on an “as is where is” and “no recourse” basis.

Repeated attempts

The October auction follows a long string of failed attempts. IBBI filings show that the liquidator’s first auction notice, for an auction on November 5, 2024, carried a reserve price of ₹25 crore, though that sale also included securities and financial assets. Later notices cut the price step by step: ₹22.50 crore for a January 2025 auction, ₹21.95 crore for August 2025, ₹20 crore for October 2025, ₹18.70 crore for May 2026, and ₹18.45 crore for an auction on July 6, 2026. The land-only lot has been cut by about 12% from the ₹15.95 crore reserve fixed in May 2026.

Background

The NCLT Ahmedabad bench admitted the company into insolvency on December 7, 2022 and ordered its liquidation on April 19, 2024. The insolvency petition was filed by Meliora Asset Reconstruction Company. An earlier petition against the company had been withdrawn in April 2019. As of April 2023, the resolution professional had reported that the unit had not operated for two years.

The liquidator has admitted claims of ₹170.92 crore from two secured creditors. State Bank of India accounts for ₹129.41 crore, or 75.71%, and Meliora ARC for ₹41.51 crore, or 24.29%. At the new reserve price, a sale of Block A would cover about 9% of those admitted claims.

The land on offer is only part of the company’s original plot. In a July 13, 2026 order, the NCLT recorded that GIDC had allotted the company 51,039.7 sq m at Plot 8 on a 99-year lease. After SBI released its charge over 37,104 sq m under a one-time settlement, the suspended directors transferred the subdivided plots to 21 parties through deeds of assignment executed in July and August 2022. Meliora ARC still held a charge over that land when it was sold. GIDC said the remaining portion of the land is still in the company’s name.

The tribunal allowed the liquidator’s application and directed suspended directors Ashok Kumar Baid and Hemanth Kumar Baid to restore ₹5,14,24,288 to the liquidator with 12% simple interest. It criticised the conduct of both SBI and GIDC but declined to reverse the subdivision or pass adverse orders against the respondents.

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