Auction of Corporate Power on Dec 8; reserve price fixed at Rs 265 cr

The liquidator for Corporate Power Limited (CPL), Pankaj Dhanuka, has invited bids for the private sale of the entire company as a going concern. The auction will be conducted via a Swiss Challenge process, with a reserve price set at ₹265 Crores.

The sale encompasses all of CPL’s assets, which are being offered on an “as is where is,” “as is what is,” and “no recourse” basis, meaning the liquidator provides no representations or warranties. The company’s primary asset is its operational power plant located in Bana, Chandwa Block, Latehar district, Jharkhand.

Interested bidders must submit an Earnest Money Deposit (EMD) of ₹26.50 Crores and place a bid that is at least ₹5 Crores higher than the reserve price. The timeline for the process is tight, with the last date for due diligence and EMD submission set for December 05, 2025. The competitive bidding under the Swiss Challenge process will take place on December 08, 2025.

A critical point for potential investors is the extensive list of assets currently under attachment by the Directorate of Enforcement (ED) under the Prevention of Money Laundering Act (PMLA), 2002. The liquidator has obtained permission from the National Company Law Tribunal (NCLT) to proceed with the sale despite the attachment, and an appeal against the PMLA order is pending.

The attached assets, which form a substantial part of the sale, are detailed below.

Attached Bank Balances

The ED has attached the following bank accounts belonging to Corporate Power Limited:

Attached Land Parcels

The ED’s provisional attachment order covers a vast portfolio of 114 land parcels across various mouzas (revenue circles) in the Latehar district of Jharkhand. The following is a summary of the attached properties:

The lands are spread across several locations, including:

• Hempur: Over 30 plots of land, with areas ranging from 0.03 to 1.0 Acre.
• Bana: Multiple plots, including a significant 4.20-acre parcel.
• Nagar: Numerous plots, with several consolidated areas exceeding 4 acres.
• Hisari: A large collection of lands, with one consolidated area spanning 14.74 acres and another at 10.17 acres.
• Damodar: Various plots, with areas up to 6.99 acres.
• Chakla: Several plots, including one large parcel of 11.30 acres.
• Other Areas: Including Angara, Chauag, Bhusadh, and Kamta.

The notice specifies that the total sale includes the Corporate Debtor as a going concern, implying that the operational plant and all associated assets, including the attached lands and bank balances, are part of the auction package.

The liquidator has reserved the right to amend or annul the sale process at any time. Potential bidders are advised to obtain the detailed Process Document by emailing incplip@deloitte.com and to monitor the company’s website, www.corporatepower.in, for updates.

Also Read: NCLAT sets aside private sale of Corporate Power Ltd, orders fresh bidding