The Mumbai bench of the National Company Law Tribunal (NCLT) has started personal insolvency proceedings against Sanjay Laxmichand Karani, personal guarantor of Himadri Foods Ltd. Himadri, a Mumbai packaged-spices maker, went through corporate insolvency and was taken over by the Viraki consortium in 2022.

Court V of the NCLT Mumbai bench admitted the petition in CP (IB)/1041(MB)/2021 by an order dated October 16, 2026. That is according to a public notice published on Monday under Section 102 of the Insolvency and Bankruptcy Code (IBC). The resolution professional received a copy of the order on October 26. The case number shows the petition was filed in 2021, so it took about five years to be admitted.

The tribunal has appointed Mayank Rameshchandra Jain (IBBI/IPA-001/IP-P01055/2017-2018/11748) of KDRA Insolvency Professionals as resolution professional. Karani’s creditors have to file claims in Form B by November 23, 2026. They can file electronically or by hand, courier, speed post or registered post. The notice gives Karani’s last known address as Anupam Building, Nathalal Parekh Road, Wadala (West), Mumbai.

The notice doesn’t name the creditor that filed the petition.

The corporate insolvency

Himadri Foods was incorporated in 1995 (CIN U15136MH1995PLC088963). The Mumbai NCLT admitted it into the corporate insolvency resolution process (CIRP) on December 9, 2020, on a petition by operational creditor Pentaaleon Packaging LLP.

The committee of creditors approved a resolution plan from the Viraki consortium on March 10, 2022, with 87.15% of votes. The consortium is led by Viraki Brothers, which sells spices and groceries under the ‘Satyam’ brand. The NCLT approved the plan on October 7, 2022. Media reports at the time put the plan’s total value at a little over Rs 35 crore. Seven parties had shown interest in the company.

Himadri went through three Form G invitations for resolution plans. The first was issued by interim resolution professional Ramchandra Dallaram Choudhary, with an EOI deadline of May 13, 2021. The next two were issued by resolution professional Hari Kishan Bhoklay, in July and September 2021.

The money still owed

The list of creditors’ claims filed with the Insolvency and Bankruptcy Board of India (IBBI) shows admitted claims of Rs 81.06 crore against Himadri, out of Rs 94.48 crore claimed. Financial creditors account for Rs 54.47 crore of the admitted amount:

• secured lenders: Rs 45.12 crore
• unsecured financial creditors: Rs 9.36 crore

If the plan paid out about Rs 35 crore, creditors recovered roughly 43% of admitted claims, a haircut of about 57%. Most of the shortfall, around Rs 46 crore, can still be pursued from personal guarantors. The Supreme Court’s 2021 ruling in Lalit Kumar Jain v Union of India held that approval of a company’s resolution plan does not free its personal guarantors from liability.

Also See: Statomat Special Machines liquidator cuts reserve price, puts Navi Mumbai unit back on the block for Rs 25.28 cr

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The liquidator of Statomat Special Machines (India) Private Limited has put the company’s Navi Mumbai factory and machinery up for e-auction at a reserve price of ₹25.28 crore, ₹50 lakh lower than the floor set for the same assets in June.

Liquidator Shailesh Desai will conduct the e-auction on Friday, 13 November 2026, between 11 am and 1 pm on the Baanknet portal (ibbi.baanknet.com).

The assets are being offered as a single lot: land measuring 2,573 sq m at Plot No. R-719, Road No. 19, TTC Industrial Area, MIDC, Rabale, Navi Mumbai — the company’s registered office — along with a ground-plus-two-storey factory building with a total built-up area of 735.62 sq m, a workshop structure of 695 sq m, and machinery and other movable assets.

The reserve price has been fixed at ₹25,27,88,000, with an earnest money deposit (EMD) of ₹2,52,78,800 and a minimum bid increment of ₹5 lakh. Bidders must deposit the EMD through the auction portal by 6 pm on 11 November.

The sale will be conducted on an “as is where is”, “as is what is”, “whatever there is” and “no recourse” basis. Prospective bidders must file a declaration of eligibility under Section 29A of the Insolvency and Bankruptcy Code, 2016, and the notice warns that EMD deposited before verification will be forfeited if a bidder is found ineligible. The liquidator has reserved the right to accept or cancel any bid, or to modify the terms, without assigning reasons. The notice refers bidders to the process document for a breakup of the reserve price for stamp duty and tax purposes.

Second attempt at a lower floor

The same land, buildings and machinery were offered earlier this year at a higher price. An auction notice Desai filed with the Insolvency and Bankruptcy Board of India (IBBI), dated 8 June 2026, put the assets on sale as “Lot 3 — aggregate of Lot 1 and Lot 2” at a reserve price of ₹25,77,88,000, with an EMD of ₹2,57,78,800. That auction was scheduled for 22 June, with an EMD deadline of 18 June. The June notice had split the offering into Lot 1 (land, factory building and workshop) and Lot 2 (machinery and other movable assets), with the combined Lot 3 as an alternative.

The current notice offers only the combined lot, at a reserve price about 1.9% below the June figure. It does not state whether the June auction drew any bids.

From CIRP to liquidation in under four months

The Mumbai bench of the National Company Law Tribunal (NCLT) admitted Statomat Special Machines into the corporate insolvency resolution process (CIRP) on 28 November 2025 in C.P. (IB)/488/MB/2025, on an application filed by Schaeffler Elmotec Statomat GmbH, according to IBBI records. The company moved into liquidation on 20 March 2026, and Desai issued the public announcement of the liquidation process on 23 March.

Schaeffler Elmotec Statomat GmbH, classified as a related party of the corporate debtor, filed an unsecured financial claim of ₹12.40 crore (₹12,39,86,527), which was admitted in full, according to the list of stakeholders as of 3 June 2026. The claim accounts for 71.23% of total admitted claims, implying total admitted claims of roughly ₹17.41 crore.

Incorporated in 1992 and registered in Maharashtra, Statomat Special Machines last filed its balance sheet for the year ended 31 March 2023, according to corporate registry data.

Also See: ABG Shipyard liquidator puts three Gujarat land parcels on block at ₹42 cr

Notice to prospective buyers: Investors and businesses interested in this property, or in other assets on sale under the Insolvency and Bankruptcy Code, can connect with insolvencytracker.in. Call 9310758258 or write to insolvencytracker@gmail.com

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The liquidator of ABG Shipyard Ltd has put three parcels of industrial land in Gujarat on the block at a combined reserve price of about ₹42.04 crore, according to an e-auction sale notice dated October 27, 2026.

The e-auction will be held on November 26, 2026, between 3 pm and 5 pm on the IBBI-designated portal ibbi.baanknet.com. The sale is being conducted under Regulations 32 and 33 of the IBBI (Liquidation Process) Regulations, 2016.

The three lots together cover 19,020 square metres:

The largest-value lot is the 6,171 sq m parcel at Gaviyar in Surat district, with a reserve price of ₹27.24 crore. The two Gaviyar parcels are priced at roughly ₹44,000-45,000 per sq m. The Bharuch parcel at Ambetha, though the largest by area, is priced at about ₹5,635 per sq m. (Per-sq-m figures are derived from the notice.)

Earnest money is set at 10% of the reserve price for each lot. The incremental bid amount is ₹10 lakh for all three. Reserve prices exclude taxes, stamp duty, registration fees and other levies.

Bidders must submit the bid form, a Section 29A eligibility undertaking, KYC documents and EMD by November 23, 2026, after inspecting the premises. Under the proviso to Section 35(1)(f) of the Insolvency and Bankruptcy Code, 2016, a bidder who fails the Section 29A eligibility test cannot bid. If a bidder is found ineligible at any stage, the EMD will be forfeited.

The assets are being sold on an “as is where is, as is what is, whatever there is and without recourse” basis. Liabilities relating to the assets after the auction date will be the sole responsibility of the successful bidder, the notice said.

A bid placed in the last five minutes will extend the closing time by five minutes, with unlimited extensions. The highest bidder will be declared successful after consultation with the Stakeholders’ Consultation Committee. The winner must pay the balance consideration within 30 days of the liquidator’s Letter of Intent.

The notice is signed by liquidator Sanjay Gupta of Primus Insolvency Resolution and Valuation Pvt. Ltd., Mumbai.

The sale is the latest in ABG Shipyard’s long-running liquidation. The company’s committee of creditors voted for liquidation in 2019, after lenders rejected a resolution plan from Liberty House. In 2022, Welspun Corp, through its subsidiary Nauyaan Shipyard, acquired ABG’s Dahej shipyard for ₹659 crore. Gupta has since run smaller auctions, including one for scrap vehicles in July 2025.

ABG Shipyard, once one of India’s largest private shipbuilders, is also at the centre of a CBI bank-fraud case filed in 2022.

Also See: IOB to sell Rs 470-cr stressed loans to ARCs; account include that of fraud-hit Indian Technomac

Notice to prospective buyers: Investors and businesses interested in this property, or in other assets on sale under the Insolvency and Bankruptcy Code, can connect with insolvencytracker.in. Call 9310758258 or write to insolvencytracker@gmail.com.

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The Insolvency and Bankruptcy Board of India (IBBI) has tightened the insolvency resolution framework for real estate companies, introducing project-wise financial monitoring, greater disclosure requirements and a larger role for homebuyers in the resolution process.

The amendments, notified on October 30, are aimed at facilitating more informed and viable resolution of real estate projects, improving transparency and accountability, and protecting the interests of homebuyers and other stakeholders.

Under the revised Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2026, separate bank accounts will have to be maintained for each real estate project of a corporate debtor undergoing insolvency proceedings. Resolution professionals (RPs) will also be required to submit project-wise statements of receipts and payments to the Committee of Creditors (CoC) at intervals decided by the committee.

The amendments also provide for the possibility of excluding individual real estate projects from the corporate insolvency resolution process (CIRP). In cases where a company has multiple projects, the RP will have to present project-wise details, including RERA registration, construction status, possession and occupancy status, and completed and incomplete units, at the first meeting of the CoC.

Based on this information, the CoC can recommend exclusion of a project from CIRP to the adjudicating authority, provided the proposal secures at least 66% of the voting share. The recommendation must be accompanied by recorded reasons.

In another significant change, the RP, with prior approval of the CoC, will have to appoint independent professionals to assess the technical status and cost of completing each project before inviting expressions of interest from prospective resolution applicants.

The assessment will cover construction progress, regulatory approvals, sold and unsold inventory, estimated completion costs, funding requirements, timelines and risks. The report will form part of the Information Memorandum and be made available to prospective bidders.

The regulator has also expanded disclosure requirements in the Information Memorandum. These will include project-wise details of sanctioned, completed and under-construction units, inventory, construction progress, statutory approvals, encumbrances, lender-wise charges, pending litigation, regulatory proceedings, penalties and complaints, as well as balances in designated RERA bank accounts.

The framework also seeks to improve homebuyers’ representation in insolvency proceedings. Authorised representatives (ARs) of creditors in a class, including homebuyers, will have to provide their brief profiles and details of their roles and responsibilities when their names are offered for selection. Minutes of their meetings with creditors will have to be submitted to the RP and placed before the CoC. The CoC meeting minutes will also record the views and concerns raised by these representatives.

Further, monitoring committees set up to oversee implementation of resolution plans for real estate companies will include the AR of creditors in a class or another representative of allottees chosen by majority vote. Representatives of the concerned RERA and competent authority may also be included, subject to their agreement.

The amendments also require resolution plans to spell out project-wise details of units, treatment of homebuyers’ claims, and timelines for construction and delivery of possession. Plans will have to specify how claims of allottees will be addressed, including through possession, execution of conveyance deeds, registration or transfer of title, refunds or other appropriate means.

To facilitate faster delivery of homes, the CoC has been given flexibility to approve requests from homebuyers for handover of possession of plots, apartments or buildings and facilitate registration under Regulation 4E. It can either approve requests individually or grant an in-principle approval authorising the RP to process requests as and when they are received during CIRP.

The amendments also clarify that the RP will continue to discharge responsibilities under CIRP until the adjudicating authority decides an application for withdrawal under Section 12A of the Insolvency and Bankruptcy Code. Confidentiality requirements have also been extended to valuation reports, besides fair value and liquidation value.

Also See: Delhi HC examines GST pre-deposit rule for companies under liquidation

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L&T Infra Investment Partners (LTIIP), a SEBI-registered Category I infrastructure fund sponsored by L&T Finance, is inviting bids for its remaining investments in renewable power and telecom projects. The fund is in its final liquidation year and is selling units that represent investments it has not been able to exit.

According to a public notice in Financial Express on Thursday, the fund invested ₹139.83 crore of capital in the projects. The “total claim amount” on them is ₹1,081 crore. The notice describes this as “the derived committed value as established under the executed agreements with the underlying investee companies”. That is 7.7 times the money put in.

The sale is being run by Inspirigence Advisors LLP as merchant banker, on behalf of the investment manager, L&T Infra Investment Partners Advisory Pvt Ltd (LTIA). The manager wants to arrange bids for at least 25% of the fund’s 3,15,08,573 outstanding units, from one or more bidders.

The sale terms are:

• bids must be fully in cash
• the units are sold “as is where is, as is what is, whatever there is and no recourse”
• conditional offers can be disqualified
• bidders cannot withdraw once they have bid
• bids must stay valid until July 31, 2027

Expressions of interest are due by 6 pm on November 13, by email. Shortlisted parties will get a preliminary information memorandum after signing a non-disclosure agreement. That memorandum is the first place bidders will see which projects make up the portfolio. The newspaper notice does not name them.

How the sale works

The winning bid will be shown to the fund’s investors. They can then choose whether to sell their units at that price. The buyer deposits the money in an escrow account maintained by LTIA.

This follows SEBI’s framework for closing out AIF schemes that have run past their tenure. To move a scheme with unsold investments into a “dissolution period”, or to distribute the investments in kind, the manager needs consent from investors holding 75% of the fund by value. Before seeking it, the manager has to arrange a bid for at least 25% of the value of the unsold investments, so that investors who disagree can sell out at the bid price. If no such bid comes, the investments are marked at ₹1 for benchmarking.

A fund at the end of its life

LTIIP reached final close on April 25, 2014, with ₹594 crore of commitments from 10 investors, including L&T Finance, according to the fund overview on L&T Finance’s website. It was set up to invest equity, mezzanine and debt in mid-sized infrastructure projects and infrastructure supply-chain companies.

The fund’s term was 10 years, extendable by two, and investors approved an extension to April 24, 2026. It is now in a one-year liquidation period that ends on April 24, 2027. Its stated strategy is to “exit all the present outstanding investments at an optimal value”.

The ₹139.83 crore still invested in the unsold projects equals about 24% of the fund’s original commitments.

Also read: IOB to sell Rs 470-cr stressed loans to ARCs; account include that of fraud-hit Indian Technomac

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Indian Overseas Bank (IOB) has put eight stressed loan accounts up for sale to asset reconstruction companies (ARCs) and other permitted transferees. The accounts carry principal outstanding of ₹470.38 crore as of September 30, 2026, and the combined reserve price is ₹318.55 crore, or about 68% of principal.

The steepest discount is on Indian Technomac Co Ltd (ITCOL), the Himachal Pradesh company at the centre of a major bank fraud case. IOB has priced the account at ₹25 crore against principal outstanding of ₹136.33 crore, which is 18 paise on the rupee.

The e-auction will be held on November 6 from 11.30 am to 12.30 pm, with unlimited five-minute extensions and bid increments of ₹0.20 crore. Bids must be on a 100% cash basis. That rules out security-receipt structures, under which ARCs typically pay banks only 15% in cash. Expressions of interest, along with a signed non-disclosure agreement, are due by November 3. Due diligence runs from October 29 to November 5.

The sale is listed as “Lot 2 during Q3 of FY 2026-27” in a notification dated October 28 from IOB’s Stressed Assets Management Department in Chennai. The bank also advertised it in Financial Express on Thursday.

The lot

*The two Mulpuri accounts will be sold together, and bidders must submit a single consolidated bid.

MNT Buildcon and Rasul Enterprises have reserve prices above their principal outstanding. The notification gives only principal figures. Total dues, including unpaid interest, are likely to be higher, and the reserve probably reflects the security available.

Fraud and wilful-default conditions

The notification includes conditions for accounts classified as fraud or wilful default. If a fraud-tagged loan is transferred, the buyer must take over the bank’s responsibilities for:

• continuous reporting and monitoring
• filing complaints with law enforcement agencies
• the proceedings that follow those complaints

For wilful-default accounts, the buyer must keep reporting the borrower as a wilful defaulter until the unrecovered balance plus the amount the bank wrote off falls below ₹25 lakh. The notification does not say which of the eight accounts carry these tags.

The winning bidder must also give a notarised affidavit that it has no link to the borrowers, promoters or guarantors, is not funded by them, and is eligible under Section 29A of the Insolvency and Bankruptcy Code. Under Central Vigilance Commission guidelines, if only one bid comes in, the accounts will be re-auctioned under the Swiss Challenge method, with the single bid as the base price. The sale is governed by the RBI’s November 2025 master directions on transfer of loan exposures.

ARC sales a small part of the clean-up

IOB’s investor presentation for the September quarter shows that ARC sales play a minor role in reducing its bad loans.

Gross NPAs fell to ₹4,114 crore (1.19%) at the end of September, from ₹5,078 crore (1.83%) a year earlier. Net NPAs were ₹544 crore (0.16%). The provision coverage ratio was 97.69% including technical write-offs and 86.79% excluding them.

Gross NPAs fell by ₹422 crore during the quarter:

• write-offs: ₹190 crore
• cash recoveries: ₹159 crore
• upgrades: ₹60 crore
• sales to ARCs: ₹13 crore

There were no ARC sales in the June quarter. Over the past five quarters, ARC sales totalled ₹156 crore, about 6% of the ₹2,622 crore reduction in gross NPAs. Write-offs over the same period came to ₹1,315 crore.

The principal in this one lot, ₹470 crore, is three times the bank’s total ARC sales over five quarters and equal to about 11% of its gross NPA stock. That suggests some of these accounts may already have been written off. IOB recovered ₹405 crore from technically written-off accounts in the September quarter, against ₹159 crore of cash recoveries from live NPAs.

Slippages ease

Fresh slippages fell 24% from a year earlier to ₹220 crore in the September quarter, though they rose from ₹195 crore in June. The quarterly slippage ratio was 0.07%. New bad loans now roughly equal what the bank recovers or upgrades each quarter: ₹219 crore in the September quarter.

By segment, MSME has the highest NPA ratio in the domestic book, at 2.14% (₹1,179 crore). The overseas book makes up 6.5% of advances but holds ₹1,404 crore of bad loans, about a third of the total, for an NPA ratio of 6.26%.

IOB’s net profit rose 56% to ₹1,912 crore in the quarter. Provisions rose 41% to ₹950 crore, of which only ₹142 crore was for NPAs.

The borrowers

ITCOL, based in Paonta Sahib, allegedly obtained loans between 2009 and 2013 using forged project reports and fictitious sales routed through shell companies. In April 2025, the Enforcement Directorate restored about ₹289 crore of attached ITCOL properties to a Bank of India-led consortium of lenders.

Padmaadevi Sugars is in liquidation under the IBC, according to IBBI records. Its insolvency began in October 2018. IOB’s 91% reserve on this account is unusually high for a company in liquidation.

UP Money Ltd, formerly Sukhjit Finance, is a Ludhiana-based lender offering two-wheeler and small business loans. IOB has priced its account at full principal.

Also See: PNB puts Rolta group’s Gurugram commercial property on the block at ₹250 crore reserve

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Harish Kant Kaushik, liquidator of both Sapphire Space Infracon Pvt Ltd and Conglome Technoconstructions Pvt Ltd, has called a composite e-auction of the two companies’ jointly held real estate project. The reserve price is ₹38 crore. The auction will be held on December 2, 2026, from 12 pm to 1 pm on the baanknet platform, with unlimited five-minute extensions, according to a notice in Financial Express on Wednesday. The earnest money deposit is ₹3.8 crore and bids must rise in steps of ₹25 lakh.

The assets will be sold under Section 35(f) of the Insolvency and Bankruptcy Code, read with Regulations 32 and 33 of the IBBI liquidation regulations. The sale is on an “as is where is, as is what is, whatever there is and no recourse” basis. The notice lists the following for sale:

• the land and structures of both companies at Nevale village in the Boisar–Palghar belt;
• development rights, FSI and TDR entitlements;
• work-in-progress buildings;
• project receivables.

Bidders must declare that they are eligible under Section 29A.

A long trail of failed sales

This is at least the eighth auction notice the liquidator has filed for the property, and the reserve has been cut repeatedly. For Conglome, auctions were notified for:

• May 2, 2024, at a reserve of ₹49.02 crore;
• July 2024, February 2025 and September 2025, each at ₹46.57 crore.

The same property was put up under Sapphire Space for:

• July 2025, at ₹46.57 crore;
• November 7, 2025, at ₹41.91 crore.

In May this year both companies notified a joint auction of the property for July 1, 2026, at a reserve of ₹36 crore. Wednesday’s reserve of ₹38 crore is higher than that.

Who is owed what

Bank of Maharashtra is Sapphire Space’s only secured creditor, with an admitted claim of ₹113.57 crore, or 98.43% of admitted claims. Its security includes:

• a registered mortgage on 39,721 sq m of Phase-2 project land at Newale (New Rani Shigaon), Palghar, owned jointly by the two companies;
• a mortgage on the proposed construction;
• an escrow of project receivables of ₹169 crore.

Total admitted claims against Sapphire Space stand at about ₹115.84 crore as of June 2026.

Conglome’s stakeholder list from November 2022 shows a secured financial creditor claim of ₹72.44 crore. It also shows 86 unsecured financial creditors with admitted claims of ₹7.68 crore.

How they got here

Conglome went first. Its insolvency began on March 21, 2019, and its liquidation on March 14, 2022.

The NCLT’s Mumbai bench admitted Sapphire Space into insolvency on April 6, 2021, on a petition by financial creditor Ganges Ink and Resins Pvt Ltd. The tribunal ordered liquidation on November 30, 2023, after the resolution professional reported a lack of cooperation from the former directors, including over homebuyer records and books of account. The committee of creditors had also approved infusing ₹9.62 lakh to meet liquidation costs.

Also See: PNB puts Rolta group’s Gurugram commercial property on the block at ₹250 crore reserve

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Punjab National Bank (PNB) will auction a commercial property in Gurugram owned by Rolta Private Limited, a promoter-group company of the bankrupt Rolta India. The reserve price is ₹250 crore.

The property sits on a 7,800 sq m plot at Plot No. 187, Phase 1, Udyog Vihar Industrial Estate, Gurugram. The e-auction will be held on November 16, 2026, according to a notice the bank published in Financial Express on Wednesday.

The sale is being run by PNB’s Stressed Asset Management Branch (SAMB) in Mumbai, which operates out of Pragati Tower in the Bandra-Kurla Complex. The notice names Rolta Private Limited as the owner and borrower. It says the bank has taken physical possession of the property and describes it as a modern commercial building in one of Gurugram’s main business hubs, with access to NH-8, IGI Airport, Cyber City and the Metro.

The property will be sold on an “as is where is, as is what is and whatever there is” basis to the highest bidder. Prospective buyers can inspect it by prior appointment. The notice does not state the dues PNB is seeking to recover, the earnest money deposit or the bid increment. It refers bidders to a detailed auction notice for these. Saurabh Athaiya, chief manager, and G L Das, assistant general manager, are listed as contacts.

Promoter-side recovery

Rolta Private Limited is part of the promoter group of Rolta India. Shareholding data shows it held 4,30,546 shares, or 0.26%, in Rolta India, alongside Rolta Properties, Rolta Resources and Rolta Shares and Stocks, with founder Kamal K Singh and family holding the rest of the 2.31% promoter stake. The entity once held a much larger stake. In September 2020 it held 6.23% of Rolta India, and 95.83% of those shares were pledged.

The flagship company is close to the end of its own insolvency. The NCLT admitted Rolta India into the corporate insolvency resolution process on January 19, 2023, on a petition Union Bank of India filed in 2020. The company entered insolvency with admitted liabilities of more than ₹14,074 crore, against claims of over ₹22,546 crore. The Mumbai bench of the NCLT approved Ashdan Properties’ ₹900 crore resolution plan on December 15, 2025. The NCLAT later dismissed the Department of Telecommunications’ appeal against the plan, clearing the way for Ashdan to take over.

That resolution covered Rolta India alone. Lenders are pursuing assets held by promoter-group entities such as Rolta Private Limited separately, through SARFAESI enforcement. An earlier PNB auction listing named Rolta Pvt Ltd as borrower for a unit at World Trade Centre, Cuff Parade, Mumbai, with a reserve of ₹5.31 crore and an auction date of April 21, 2025.

Also See: Liquidator puts Beta Infratech gas power plant land on the block at ₹45.37 crore

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The liquidator of Beta Infratech Pvt Ltd will auction 35.30 acres of land and buildings at Kashipur in Uttarakhand on 30 November. The land is part of the company’s 225-MW gas-based combined-cycle power plant, and the reserve price is ₹45.37 crore.

The land is at Nand Nagar, Mahuakhera Ganj. According to an e-auction notice published on Wednesday, it comes with connectivity to GAIL’s gas pipeline. Liquidator Sivanagaraja Taduvai, who was appointed by the Hyderabad bench of the National Company Law Tribunal (NCLT), will sell it under Regulation 33 of the Insolvency and Bankruptcy Board of India (IBBI) liquidation process regulations.

The auction will be held on IBBI’s Baanknet platform from 3 pm to 4 pm. The earnest money deposit (EMD) is ₹4.55 crore and bids must rise in steps of ₹10 lakh. A bid in the last five minutes extends the auction by five minutes at a time, but the notice says bidding will not run past 3 pm on 1 December. Bidders must submit their EMD and tender documents by 5 pm on 23 November.

The asset is being sold on an “as is where is, as is what is, whatever there is” basis. Each bidder must file a declaration that it is eligible under Section 29A of the Insolvency and Bankruptcy Code (IBC). Promoters and other connected persons cannot bid under that section. The winning bidder must pay the balance within 30 days of the demand. The liquidator can extend that by up to 90 days, with interest at 12 per cent. He can also reject any or all offers without giving reasons.

The plant had a power purchase agreement (PPA) with Uttarakhand Power Corporation Ltd (UPCL), dated 1 March 2017, to supply 107 MW over the long term. According to a 2020 regulatory filing reported by EQ Magazine, Beta Infratech later asked the state regulator to rule on a dispute over UPCL’s termination of the PPA.

The plant’s machinery has been offered for sale before. A March 2023 auction listing showed a ₹202 crore reserve price for two 75-MW GE Frame 6 gas turbines, a 74-MW GE steam turbine, a Thermax boiler and ABB electrical equipment. It is not known whether that sale went through. The current notice offers only the land and buildings.

The reserve price works out to about ₹1.29 crore an acre.

Also See: MAP Refoils group’s Kadi complex goes under the hammer for Rs 101.42 cr

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The industrial complex of insolvent edible oil refiner MAP Refoils India Ltd at Kadi in Gujarat’s Mehsana district will be auctioned as a single composite lot at a reserve price of Rs 101.42 crore on November 19, according to a joint e-auction notice dated October 17.

The sale brings together four sellers working under three different laws. CA Vikash Gautamchand Jain, liquidator of MAP Refoils, is the lead auctioneer. He is joined by CA Vinod Tarachand Agrawal, liquidator of group entity MAP Oil LLP, and CA Kinjalkumar Madhubhai Chaudhary, bankruptcy trustee of personal guarantors Mehulkumar Arvindbhai Patel and Khushboo Mehulkumar Patel. Bank of Baroda, as lead consortium member, is selling the assets of corporate guarantor MAP Cotton Pvt Ltd and other mortgaged property under the SARFAESI Act.

The notice says no bid will be entertained for any part of the lot.

What is on sale

All the assets sit on the same survey numbers at Mouje Budasan, behind Kadi GIDC. MAP Refoils’ estate includes 47,194 sq m of leasehold land, an edible oil refinery, an acid oil plant, a butter plant, tank yards and godowns. MAP Oil LLP brings 20,903 sq m of leasehold land with a hydrogenation and HVO plant. MAP Cotton’s portion is 41,800 sq m of leasehold land with ginning machinery.

The guarantors’ estate is 1,10,197 sq m of land leased to various entities, sold along with the lessor’s rights under those leases. The three leasehold parcels add up to 1,09,897 sq m, which suggests the Patels’ land is largely the ground beneath the group’s own plants. That would explain why the sellers chose to offer everything as one lot.

Terms

Bidders must deposit an earnest money of Rs 10.14 crore, or 10% of the reserve price, by November 16. Eligibility documents, including a declaration under Section 29A of the Insolvency and Bankruptcy Code, are due by October 31. Bids will rise in steps of Rs 50 lakh on the BAANKNET platform, with five-minute auto-extensions. Bank of Baroda says it took possession of the mortgaged assets on September 10.

Creditors’ exposure

The Ahmedabad bench of the National Company Law Tribunal admitted MAP Refoils into insolvency in April 2022 and ordered its liquidation on January 25, 2024. The liquidator’s March 2024 list of creditors shows admitted secured claims of about Rs 295 crore. Bank of Baroda’s claim was the largest at about Rs 139.75 crore, followed by State Bank of India at Rs 50.6 crore and Central Bank of India at Rs 45.4 crore.

On those numbers, the reserve for the entire composite lot is about a third of MAP Refoils’ admitted secured debt alone, before counting the claims against MAP Oil LLP and the guarantors.

MAP Oil LLP went into liquidation on April 24, 2023. In that case, SBI’s admitted claim was about Rs 55.76 crore, secured partly by the Patels’ factory land at Kadi.

The tribunal changed MAP Refoils’ liquidator in August 2025, its records show. Central Bank of India has also pursued insolvency proceedings against the Patels as personal guarantors before the same bench.

The assets can be inspected between October 31 and November 15 with prior notice.

Key terms (from the notice)

Also See: SBI puts ₹47-crore stressed loan portfolio on the block

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