Metal Closures assets worth Rs 111.40 crore up for e-auction under insolvency process

Assets of Bengaluru-based Metal Closures Pvt Ltd, currently undergoing liquidation under the Insolvency and Bankruptcy Code (IBC), will be put up for e-auction in September, with the liquidator offering the company’s factory, land, building and machinery at reserve prices ranging from Rs 2.15 lakh to Rs 111.40 crore.

The company’s assets form part of the liquidation estate and will be sold through an e-auction platform approved for insolvency proceedings.

Under Option A, the liquidator has offered the entire factory on a slump-sale basis at a reserve price of Rs 111.40 crore. The asset comprises the factory spread over 1.20 acres at Kanakapura Road, Doddakallasandra Village, Uttarahalli Hobli, Bangalore South Taluk, including land and building and the entire plant and machinery of the unit. Financial assets such as debtors, inventory, loans and advances are excluded from the sale.

The same property, comprising land and building on the 1.20-acre site, is also being offered separately under the individual-asset sale option at a reserve price of Rs 99 crore, with an earnest money deposit (EMD) of Rs 9.90 crore.

Machinery and other assets

Under Option B, bidders can purchase individual classes of assets from the company. The reserve prices include:

• Battery component — Rs 40 lakh
• Battery jacket — Rs 27 lakh
• Twist-off closures — Rs 99 lakh
• Coating and printing — Rs 2.60 crore
• Crown manufacturing — Rs 4.60 crore
• Utilities and others — Rs 3.35 crore
• Tool room — Rs 12 lakh
• Quality and packing — Rs 3 lakh
• Various assets at the Kunigal factory — Rs 2.15 lakh
• Another asset category — Rs 2.25 lakh.

The corresponding EMDs range from Rs 30,000 to Rs 46 lakh, depending on the lot.

The notice also provides for Option C, under which classes of machinery will be offered for bidding with each line item available separately.

E-auction in September

The e-auction for the assets is scheduled for September 5, 2026, with different categories being auctioned in specified time slots. The timeline includes auctions between 10 am and 11 am, 12 noon and 1 pm, 2 pm and 4 pm, and 4 pm and 6 pm.

Prospective bidders will have to meet the eligibility criteria under Section 29A of the IBC, wherever applicable. Bidding will be allowed only after the prescribed EMD has been remitted within the stipulated timeline.

The liquidator has said the sale will be conducted on an “as is where is”, “as is what is” and “whatever there is” basis, with no recourse whatsoever. Registration charges, GST and other applicable charges will have to be borne separately by the successful bidders.

The factory and assets can be inspected by prospective bidders with prior appointment with the liquidator, with inspections scheduled once a week until September 2.

The auction notice has been issued by liquidator Ramanathan Bhuvaneshwari, and the complete auction process document, including asset details, bid forms and terms and conditions, is available on the designated e-auction platform.

Also See: Blizzard Ceramica assets on the block at Rs 45-crore reserve; e-auction on August 18