Auction alert: Rs 37-cr assets of Venus Garments to go under the hammer

The assets of the defunct Venus Garments (India) Limited are set to be sold via an e-auction later this month. The liquidation process, ordered by the National Company Law Tribunal (NCLT), will see several prime land parcels, buildings, and manufacturing plants in Ludhiana, Punjab, being auctioned off in lots.

The e-auction is scheduled for Thursday, November 27, 2025, from 11:00 AM to 3:00 PM on the online portal baanknet.com. Mr. Pramod Kumar Misra, the appointed liquidator, has invited bids from eligible parties for the company’s assets, which have a combined reserve price of over ₹ 37 Crores.

Assets on the Block

The assets are divided into six distinct lots (A-1 to A-6), allowing bidders to target specific properties. The details are as follows:

• Lot A-1: Land and Building at Village Hussainpura, Near Hotel Amaltas, G.T. Road, Ludhiana. This is a sizable plot of 3,630 Sq. Yards (0.75 acres).
  Reserve Price: ₹ 12.11 Crores
• Lot A-2: Land and Building at Khasra No. 12/5-6, Village Kara Bara, Ludhiana, admeasuring 1,300.25 Sq. Yards.
  Reserve Price: ₹ 5.23 Crores
• Lot A-3: Land and Building at B-XXXII-E6/1540, Kakowal Road, Ludhiana. This is the largest single plot, spanning 4,840 Sq. Yards.
  Reserve Price: ₹ 15.42 Crores
• Lot A-4: Land and Building at Plot No. A-9, Part A, Punjab Apparel Park, Village Barmalipur, Tehsil Payal, Ludhiana. This plot measures 9,039.48 Sq. Yards and is on a 99-year lease from the Government of Punjab.
  Reserve Price: ₹ 3.57 Crores
• Lot A-5: All Plant and Machinery assets belonging to the corporate debtor, including industrial sewing machines, knitting machines, washing units, and generators, as listed in a detailed inventory.
  Reserve Price: ₹ 1.60 Crores
• Lot A-6: Securities and Financial Assets comprising 1,84,000 equity shares of M/s Glaze Garments (India) Limited.
  Reserve Price: ₹ 7 Lakhs

The sale is on an “as is where is, as is what is, whatever there is, and no recourse” basis, meaning the buyer acquires the assets in their current condition and state of title.

A Troubled Past: The Road to Liquidation

The auction marks the final chapter in the corporate demise of Venus Garments. The company’s troubles began when the State Bank of India filed an application under Section 7 of the IBC. The NCLT’s Chandigarh bench admitted the plea and initiated the Corporate Insolvency Resolution Process (CIRP) on November 24, 2022, appointing Mr. Navneet Gupta as the Interim Resolution Professional.

Despite efforts to revive the company, the Committee of Creditors (CoC), with a 100% vote, eventually passed a resolution in May 2023 recommending liquidation. Following this, the NCLT passed a liquidation order on July 22, 2025, and appointed Mr. Pramod Kumar Misra as the Liquidator to oversee the sale of assets and distribution of proceeds.

Key Information for Bidders

Prospective bidders must register on the baanknet.com portal and submit all required eligibility documents and the Earnest Money Deposit (EMD) for their chosen lots by November 24, 2025. The EMD amounts vary, ranging from ₹ 25,000 for the financial assets lot to ₹ 31 Lakh for the Kakowal Road property.

The liquidator has emphasized that the assets are being sold without any warranties. Notably, two properties (Hussainpura and Kara Bara) are currently occupied by related parties, and eviction applications are pending before the NCLT.

This e-auction presents a major opportunity for investors and industrialists to acquire strategic industrial real estate and assets in one of North India’s most prominent manufacturing hubs.

Also See: Rs 19-crore land of Future Retail to go under the hammer