OSIL Exports assets, guarantor’s Panipat land put up for Rs 117.64-crore e-auction

Assets of debt-laden OSIL Exports Ltd, along with land belonging to the late company promoter and personal guarantor Krishan Kumar Gupta, have been put up for a composite e-auction with a total reserve price of Rs 117.64 crore.

The auction, jointly issued by the company’s liquidator and a consortium led by Bank of India along with Punjab National Bank and RARE Asset Reconstruction Ltd, is scheduled for September 24 from noon to 4 pm. The sale notice was published on August 21.

The property comprises 114 kanal and 13 marla of land at the 80th Mile Stone on the GT Road in Jattipur village, Samalkha tehsil of Panipat district, Haryana. The land is in the name of late Krishan Kumar Gupta.

The freehold reversionary rights in the land have been assigned a reserve price of Rs 73.09 crore under the recovery proceedings initiated under the SARFAESI Act. These rights represent the ability to resume full possession of the land upon expiry or determination of the existing lease and are therefore not equivalent to vacant, immediately possessable freehold land.

Separately, the unexpired leasehold rights of OSIL Exports over the same parcel, along with the factory building constructed in 2010, have been valued at a reserve price of Rs 44.55 crore under the Insolvency and Bankruptcy Code.

The lease, executed in 2010 and 2011, has around 83 years remaining out of its original 99-year term.

Loan outstanding over Rs 240 crore

The sale notice said the consortium’s secured claim relates to outstanding dues of OSIL Exports of Rs 240.18 crore, excluding interest from November 25, 2019, and other charges. The dues are against the corporate debtor as well as the personal guarantors and legal heirs of late Gupta.

The two interests have been combined into a single composite block for the auction. If the same bidder acquires both, the lease would stand extinguished through merger, resulting in unified ownership, subject to the applicable legal provisions.

The earnest money deposit for the composite block has been fixed at Rs 11.764 crore, while the incremental bid value is Rs 1 crore.

Property faces multiple litigations

The proposed sale comes amid several pending legal disputes involving the land and the personal guarantor.

The sale notice discloses an appeal pending before the Debt Recovery Appellate Tribunal, New Delhi, filed by Sumit Gupta, one of the legal heirs of Krishan Kumar Gupta, challenging a March 2023 order of DRT-II, Chandigarh.

Another dispute relates to a two-kanal portion of the land that is the subject of a dispute concerning an alleged gift to the gram panchayat. The NCLT Chandigarh Bench, in an October 2025 order, allowed the liquidator to proceed with liquidation subject to disclosure of this dispute.

The liquidator has also approached the NCLT seeking directions against an alleged unauthorised occupant, referred to in the notice as Mahabir Gaushala, concerning about 12,000 square yards, or roughly 2.5 acres, of open land facing the main GT Road.

In addition, Company Appeal (AT) (Insolvency) No. 1058 of 2026 is pending before the NCLAT, in which the personal guarantor has challenged an NCLT order dismissing a personal insolvency resolution process initiated under Section 94 of the IBC.

A separate civil case is also pending before the Civil Judge (Senior Division), Samalkha, involving the legal heirs of Gupta, Mahabir Gaushala and the consortium banks.

The sale notice cautions prospective bidders to independently verify the title, claims, rights and liabilities affecting the property before submitting their bids. The assets are being sold on an “as is where is”, “as is what is” and “no recourse” basis.

The EMD has to be deposited by September 22, while interested bidders can inspect the property between August 22 and September 22. The auction will be conducted through the BaankNet e-auction portal, with automatic five-minute extensions for bids placed in the final five minutes.

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