Talwalkars Better Value Fitness assets on sale
Liquidator Gajesh Labhchand Jain has offered for sale the assets of Talwalkars Better Value Fitness. The auction for the fitness club chain’s real estate and machinery will take place on 9th January 2024, from 11:00 am to 5:00 pm.
The auction involves assets with a reserve price of Rs 13 crore. This includes two premises in Mumbai and Kolkata with a built-up area of over 12,600 sq ft, having a reserve price of Rs 12.60 crore. Other assets on sale include five X-Body Newave Med machines, together valued at over Rs 50 lakh.
The last date for submitting tender documents is 23rd December 2023, and the last date for submitting earnest money deposit is 6th January 2024.
Please note that the Mumbai Bench of the National Company Law Tribunal (NCLT) ordered the liquidation of Talwalkars Better Value Fitness on 28 April 2022 after the committee of creditors rejected the only resolution plan received, which could only garner 59.81% votes.
According to available information, the Corporate Debtor has no ongoing commercial operations and no active employees.
Axis Bank filed an insolvency petition against Talwalkars after the company defaulted on a payment of Rs 66.80 crore, along with interest @09.75% per annum and penal interest @2% p.a. The date of default was 29 August 2019, and the date of NPA was 28 November 2019.
Talwalkars Better Value Fitness Limited used to offer a full range of fitness services with value-added offerings to cater to customers from diverse economic backgrounds. This diversified portfolio helped the company cushion itself from an economic slowdown and report reasonable earnings from each offering. The company had a multi-brand strategy targeting both the upper and lower classes, and its various value-added services were offered through different time-based packages, enhancing affordability.
The gym business of Talwalkars Better Value Fitness Limited was demerged into a separate entity, Talwalkars Lifestyles Limited. Both entities are now undergoing liquidation.
Also See: Despite repeated reminders Talwalkars fails to appear for insolvency hearings in NCLT
