Shakti Bhog Foods factory reserve price cut 23% as Delhi property book returns to auction at ₹40 crore

The liquidator of Shakti Bhog Foods Limited has issued a fresh e-auction notice for the collapsed flour major’s Delhi property book, cutting the reserve price on its GT Karnal Road factory by 23% from the level set nine months ago and splitting its Netaji Subhash Place office block into two separately biddable lots.

The notice, dated September 7, 2026 and signed by liquidator Purusottam Behera, sets the auction for Wednesday, September 30, 2026 between 2 pm and 4 pm, with unlimited five-minute extensions triggered by any bid in the closing five minutes. Documents and earnest money must be in by 5 pm on Monday, September 28. The sale runs on the E-BKray portal at ibbi.baanknet.com, on an “as is where is, whatever there is and without recourse” basis.

The four lots carry a combined reserve of ₹40,13,60,000. Set against admitted financial creditor claims of roughly ₹9,865.66 crore recorded in the liquidator’s stakeholder list, a clean sweep at reserve would return about 0.41% — a little over 40 paise per ₹100 owed.

The lots

Lot	Asset	Area	Asset ID	Reserve (₹)	EMD (₹)	Increment (₹)
A	Factory land and building, Plot 25, SSI Co-operative Industrial Estate, GT Karnal Road, Delhi-110033	1,210 sq yd	3403	12,25,00,000	see note	5,00,000
B	Commercial office, Units 1101, 1102, 1103, 11th floor, Pearl Business Park, District Centre, Wazirpur, Netaji Subhash Place, New Delhi-110034, with office equipment and furniture	8,267 sq ft super area	3637	14,49,00,000	1,44,90,000	2,00,000
C	Commercial office, Units 1201, 1202, 12th floor, same building, with office equipment and furniture	6,664 sq ft super area	3638	9,40,00,000	94,00,000	2,00,000
D	Land and building, 112 and 112A, Khasra No. 80, Gali No. 6, Teachers Colony, Samaypur Badli, New Delhi-110042, with plant and machinery	334.44 sq m / 400 sq yd	3406	3,99,60,000	39,96,000	2,00,000

Lot C is the company’s own registered office. MCA records list Shakti Bhog Foods’ registered address as 1201-1202, Pearls Business Park, Netaji Subhash Place — the two units now on the block as Lot C.

Site inspection runs from September 7 to September 28, 10 am to 5 pm, on 48 hours’ notice, on contact number 8929290003. EMD is deposited through bidders’ own e-wallets on the portal; only the successful bidder’s EMD moves to the liquidation account, held with State Bank of India, Madame Cama Road branch, Mumbai (A/c 44553018513, IFSC SBIN0008586). Bidders must file a Section 29A undertaking, with forfeiture of EMD if ineligibility surfaces later. Balance consideration is due within 30 days of the Letter of Intent.

Markdowns round on round

The same assets went to auction on January 9, 2026 under a notice dated December 13, 2025, also signed by Behera. Comparing the two notices directly:

Asset	Jan 9, 2026 reserve	Sep 30, 2026 reserve	Change
GT Karnal Road factory (ID 3403)	₹15,91,00,000	₹12,25,00,000	−₹3.66 cr, −23.0%
Pearl Business Park, both floors (ID 3405, now 3637 + 3638)	₹25,13,00,000	₹23,89,00,000	−₹1.24 cr, −4.9%
Samaypur Badli land and building (ID 3406)	₹5,19,00,000	₹3,99,60,000	−₹1.19 cr, −23.0%
Plant and machinery, Plots 24, 25, 33, GT Karnal Road (ID 3407)	₹64,00,000	not offered	withdrawn or disposed
Total	₹46,87,00,000	₹40,13,60,000	−₹6.73 cr, −14.4%

Derived, this correspondent’s tabulation. Percentages calculated from the reserve figures printed in the two notices; the liquidator has not published a reconciliation.

The cuts on the two land-and-building lots are identical to the second decimal place — 23.005% on GT Karnal Road and 23.006% on Samaypur Badli — indicating a uniform markdown applied across the immovable property, rather than lot-specific revaluation.

At least one further round ran in between. The IBBI liquidation auction notice listing records a notice issued by Behera on February 3, 2026 for an auction on March 2, 2026, carrying reserve figures including ₹15,91,00,000 and ₹15,25,17,000. The full text of that notice has not been retrieved for this report, and the complete count of rounds since liquidation commenced should be confirmed against the IBBI listing before publication.

On a per-unit basis the factory land has come off from ₹1,31,488 per square yard in January to ₹1,01,240 now. Samaypur Badli has moved from ₹1,29,750 to ₹99,900 per square yard.

The office block has been re-measured, not just re-priced

The Pearl Business Park change is more than a split. The December notice described the block by built-up area — 5,538.88 sq ft on the 11th floor and 3,848.48 sq ft on the 12th, totalling 9,387.36 sq ft. The September notice describes the same units by super area — 8,267 sq ft and 6,664 sq ft, totalling 14,931 sq ft.

Derived: that implies a loading factor of 49.3% on the 11th floor and 73.2% on the 12th. Two floors of the same building carrying loading factors 24 percentage points apart is not a normal outcome, and it distorts any headline per-square-foot read. On the super-area figures now printed, Lot B works out to about ₹17,527 per sq ft and Lot C to about ₹14,106 — a 24% gap. Applying the same September reserve prices to the December built-up areas closes that gap to about 7% (₹26,160 versus ₹24,425). The apparent floor-to-floor price difference is largely an artefact of the measurement basis, not the pricing.

Bidders working off the super-area figures should establish which basis the underlying valuation used before bidding.

What the creditors are owed

The liquidator’s list of stakeholders filed with IBBI under Regulation 31(5)(d) of the Liquidation Process Regulations, as on March 20, 2025, records:

• Secured financial creditors: 12 claims, ₹9,646.28 crore received, ₹9,642.50 crore admitted, with ₹3.78 crore treated as contingent
• Unsecured financial creditors: one claim, ₹223.16 crore, admitted in full
• Unpaid insolvency resolution process costs: ₹30,79,622
• Liquidation costs incurred to that date: ₹1,67,503
• Workmen and employee claims: nil

That list names Keshri Kumar as the insolvency professional. The current notice is signed by Behera. NCLT New Delhi records show an interlocutory application in 2025 by the Stakeholders Consultation Committee of Shakti Bhog Foods, acting through State Bank of India, against Keshri Kumar as liquidator, and a Delhi High Court order as late as November 2025 still describes Keshri Kumar as the liquidator in separate commercial litigation. Behera’s first auction notice on the IBBI portal is dated December 13, 2025. The circumstances and date of the handover are not established by any document reviewed here and need to be pinned down.

Background

Shakti Bhog Foods was incorporated in 1992 and built one of north India’s best-known atta and packaged staples brands. Its last annual general meeting on MCA records was held in 2015 and its last filed balance sheet is for the year ended March 31, 2015, when it reported revenue in excess of ₹500 crore. Headcount was down to six by October 2017. Authorised capital is ₹30 crore against paid-up capital of ₹26.24 crore. Kewal Krishan Kumar and Siddharth Kumar remain on the board of record.

The company’s troubles surfaced publicly in 2020, when a consortium of banks led by State Bank of India approached the CBI alleging criminal conspiracy and cheating by the firm and its directors to the tune of ₹3,269.42 crore. The Enforcement Directorate has separately been investigating the alleged siphoning of loan funds amounting to over ₹3,200 crore. (Both figures are from published reporting, not from a primary document reviewed here — confirm against the FIR and the ED’s filings before publication.)

The insolvency petition, CP (IB)-24(PB)/2018, was filed in 2018. IBBI records the insolvency commencement date as September 22, 2022 — a gap of more than four years between filing and admission. The CIRP ran 851 days before the NCLT Principal Bench ordered liquidation on January 20, 2025. The September 30 auction falls 618 days into the liquidation.

The group’s exposure to the ED case has already shaped IBC outcomes. In June 2025 the NCLT refused to dissolve subsidiary Shakti Bhog Snacks Limited, holding that allowing dissolution despite the pendency of the PMLA proceeding would amount to judicial overreach and would impair the ED’s ability to complete the trial and recover proceeds of crime. In that matter the ED alleged that the subsidiary’s name had been used to rotate loan funds against fake invoices, with proceeds layered and diverted to directors, promoters and their relatives to inflate the parent’s financials and secure further bank credit. Whether any of the four Delhi properties now on offer is subject to PMLA attachment is the single most important unanswered question for a prospective bidder, and the auction notice is silent on it.

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