Neesa Agritech assets worth ₹14.2 crore put on block under liquidation process

The liquidator of Neesa Agritech and Foods Ltd has initiated the sale of the company’s land assets through an e-auction process under the Insolvency and Bankruptcy Code (IBC), with a combined reserve price of nearly ₹14.2 crore.

According to the auction notice, three land parcels located in Ahmedabad district of Gujarat will be offered for sale either as a single package or individually. Preference will be given to bids for the assets on a collective basis, while standalone auctions will be conducted if no successful composite bid is received.

The assets comprise Plot No. 261 and Plot No. 278 at Navapura in Sanand taluka and Plot No. 1284 at Visalpur in Daskroi taluka. Together, the three parcels measure about 16,540 square metres and carry a reserve price of ₹14.19 crore.

The e-auction will be conducted on July 15 through the Bank Asset Auction Network platform. The last date for submission of eligibility documents and earnest money deposits is July 13.

The properties are being sold on an “as is where is” and “whatever there is” basis. The assets are currently under lease to Neesa Infrastructure Ltd, except one parcel where the lease has expired but is yet to be formally cancelled.

Liquidation background

The asset sale follows the liquidation of Neesa Agritech and Foods Ltd ordered by the Ahmedabad bench of the National Company Law Tribunal (NCLT) on February 3, 2026.

The insolvency proceedings had been initiated by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code. During the corporate insolvency resolution process, the Committee of Creditors (CoC), in its 16th meeting held in May 2024, voted with a 78.24% majority in favour of liquidating the company after resolution efforts failed to yield an acceptable revival plan.

While the resolution professional had sought appointment as liquidator, the NCLT appointed insolvency professional Bhavik Haribhai Rupapara as the liquidator in accordance with an IBBI panel recommendation. The tribunal directed him to take control of the company’s assets, investigate its financial affairs and carry out the liquidation process under the provisions of the IBC.

With the liquidation order, the powers of the board of directors and key managerial personnel ceased and vested in the liquidator. The NCLT also directed government departments, employees and other stakeholders to cooperate with the liquidation process.

The sale of the Ahmedabad land parcels marks one of the first major asset monetisation exercises since the company entered liquidation. Proceeds from the auction will form part of the liquidation estate and will be distributed among creditors in accordance with the waterfall mechanism prescribed under Section 53 of the Insolvency and Bankruptcy Code.

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