Eighth attempt: Liquidator puts Sapphire Space, Conglome’s joint Palghar project on block at ₹38 crore

Harish Kant Kaushik, liquidator of both Sapphire Space Infracon Pvt Ltd and Conglome Technoconstructions Pvt Ltd, has called a composite e-auction of the two companies’ jointly held real estate project. The reserve price is ₹38 crore. The auction will be held on December 2, 2026, from 12 pm to 1 pm on the baanknet platform, with unlimited five-minute extensions, according to a notice in Financial Express on Wednesday. The earnest money deposit is ₹3.8 crore and bids must rise in steps of ₹25 lakh.

The assets will be sold under Section 35(f) of the Insolvency and Bankruptcy Code, read with Regulations 32 and 33 of the IBBI liquidation regulations. The sale is on an “as is where is, as is what is, whatever there is and no recourse” basis. The notice lists the following for sale:

• the land and structures of both companies at Nevale village in the Boisar–Palghar belt;
• development rights, FSI and TDR entitlements;
• work-in-progress buildings;
• project receivables.

Bidders must declare that they are eligible under Section 29A.

A long trail of failed sales

This is at least the eighth auction notice the liquidator has filed for the property, and the reserve has been cut repeatedly. For Conglome, auctions were notified for:

• May 2, 2024, at a reserve of ₹49.02 crore;
• July 2024, February 2025 and September 2025, each at ₹46.57 crore.

The same property was put up under Sapphire Space for:

• July 2025, at ₹46.57 crore;
• November 7, 2025, at ₹41.91 crore.

In May this year both companies notified a joint auction of the property for July 1, 2026, at a reserve of ₹36 crore. Wednesday’s reserve of ₹38 crore is higher than that.

Who is owed what

Bank of Maharashtra is Sapphire Space’s only secured creditor, with an admitted claim of ₹113.57 crore, or 98.43% of admitted claims. Its security includes:

• a registered mortgage on 39,721 sq m of Phase-2 project land at Newale (New Rani Shigaon), Palghar, owned jointly by the two companies;
• a mortgage on the proposed construction;
• an escrow of project receivables of ₹169 crore.

Total admitted claims against Sapphire Space stand at about ₹115.84 crore as of June 2026.

Conglome’s stakeholder list from November 2022 shows a secured financial creditor claim of ₹72.44 crore. It also shows 86 unsecured financial creditors with admitted claims of ₹7.68 crore.

How they got here

Conglome went first. Its insolvency began on March 21, 2019, and its liquidation on March 14, 2022.

The NCLT’s Mumbai bench admitted Sapphire Space into insolvency on April 6, 2021, on a petition by financial creditor Ganges Ink and Resins Pvt Ltd. The tribunal ordered liquidation on November 30, 2023, after the resolution professional reported a lack of cooperation from the former directors, including over homebuyer records and books of account. The committee of creditors had also approved infusing ₹9.62 lakh to meet liquidation costs.

Also See: PNB puts Rolta group’s Gurugram commercial property on the block at ₹250 crore reserve