The liquidator of Rotomac Global Pvt Ltd, the Kanpur pen maker at the centre of one of the country’s largest bank fraud cases, has invited bids for 13 blocks of land, buildings and plant and machinery across Kanpur and Ahmedabad, at reserve prices aggregating about Rs 138.53 crore after adjusting for overlapping lots, according to a sale notice issued on August 6.

The notice, issued by liquidator CA Anil Goel under Regulation 32(a) of the IBBI (Liquidation Process) Regulations, 2016, sets 3 pm to 5 p.m. on August 28 as the auction window, with unlimited extensions of five minutes each. The last date for submission of earnest money deposit is August 26 up to 7 p.m. The sale is being conducted on the IBBI-designated e-auction platform operated by BAANKNET.

Rotomac Global was admitted to insolvency by the National Company Law Tribunal, Allahabad bench, on a petition by Bank of Baroda, with the corporate insolvency resolution process commencing on September 20, 2017. The tribunal ordered liquidation on March 23, 2018 and appointed Goel, who had earlier served as interim resolution professional and resolution professional, as liquidator. The August 28 auction therefore falls in the ninth year of the liquidation.

Thirteen blocks, three of them overlapping

The largest single offering is Block I, comprising land, building and plant and machinery taken as a whole at Premises No. CF-II and Premises Nos. D-2 to D-6 in the Panki industrial area, Site No. 3, Kanpur Nagar, admeasuring 20,770.51 sq m, at a reserve price of Rs 38.31 crore with an EMD of Rs 3.83 crore. The same assets are separately offered as Block G, the land at those premises, at Rs 36.13 crore, and Block H, the plant and machinery there, at Rs 2.19 crore.

A parallel structure applies to the Ahmedabad industrial property at Survey No. 415 (paiki), Village Moraiya, Taluka Sanand. Block J, land and building measuring 9,824.05 sq m of land with 50,306 sq ft of building, carries a reserve of Rs 21.87 crore; Block K, the plant and machinery there, Rs 1.22 crore; and Block L, the same assets as a whole, Rs 23.09 crore. The notice states that Blocks G, H and I are interlinked and that Blocks J, K and L are also interlinked, and that the liquidator, in consultation with the members of the committee of creditors, reserves the right to select the H1 bidder in accordance with the terms of the auction document.

Among the standalone offerings, Block D — open land at Survey Nos. 756/1 and 756/2, Khata No. 829, at Moje-Kolat, Taluka Sanand, Ahmedabad, measuring 24,958 sq m — carries a reserve price of Rs 35.88 crore, the highest of any block outside the interlinked sets. Block M, the Bhagwati floor mill property at Survey No. 788 paiki (Khata No. 922), Village Rajoda, Taluka Bavla, Ahmedabad, measuring 12,825.03 sq m, is offered at Rs 20.33 crore.

The Kanpur commercial properties comprise Block E, Units 201 and 202 on the second floor of premises no. 63/2 at The Mall, Kanpur and Offices 223 and 223A on the second floor of the same premises at The Mall City Centre, aggregating 2,959.6 sq ft, at Rs 2.27 crore; and Block F, open land at Premises No. 24/6 Tulsa Kothi, Mall Road, Kanpur Nagar, measuring 432 sq m, at Rs 7.78 crore.

The Ahmedabad commercial and residential offerings are Block A, Offices 511, 513 and 515 on the fifth floor of Pinnacle Corporate Tower at Prahalad Nagar, Satellite, Vejalpur, measuring 6,152 sq ft, at Rs 4.05 crore; Block B, land at Survey No. 62, T.P. Scheme No. 11, Final Plot No. 77, Village Rakhial, Taluka City, measuring 2,022 sq m, at Rs 5.51 crore; and Block C, Flat No. 803 on the eighth floor with car parking at Shyam Vrund Apartment, Vejalpur, measuring 233 sq yd, at Rs 1.30 crore.

The reserve prices of the 13 blocks as printed sum to Rs 199.93 crore, but that figure double-counts the two interlinked sets. Excluding the overlap, the aggregate reserve price across the distinct assets on offer works out to about Rs 138.53 crore, and the corresponding aggregate EMD to about Rs 13.83 crore, both figures derived by computation and not stated in the notice. The EMD is set at 10 per cent of the reserve price for every block, on figures derived from the notice.

The notice discloses a small inconsistency in the Kanpur set. Block G at Rs 36.13 crore and Block H at Rs 2.19 crore together come to Rs 38.32 crore, against Rs 38.31 crore set for Block I, which covers the same assets as a whole — a difference of Rs 1 lakh. The Ahmedabad set is internally consistent, with Blocks J and K summing exactly to the Rs 23.09 crore set for Block L.

Enforcement Directorate release preceded the sale

The auction follows the release of properties that the Enforcement Directorate had attached in the money-laundering investigation into the group. The agency’s Delhi zonal office said in November 2025 that restitution of the attached properties, assessed at a market value of about Rs 380 crore, would allow the liquidator and the public sector banks concerned to proceed with liquidation for the benefit of victims, secured creditors and other legitimate claimants. The ED had provisionally attached properties worth about Rs 177 crore belonging to the company and its directors across Uttar Pradesh, Gujarat, Uttarakhand and Maharashtra in May 2018.

The extent to which the 13 blocks now on offer correspond to the restituted properties could not be established from the sale notice, which makes no reference to the attachment or its release.

The underlying case dates to February 2018, when the Central Bureau of Investigation registered a case on a complaint by Bank of Baroda against the company, its promoter Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari, and unidentified bank officials. The agency alleged that loans of Rs 2,919 crore drawn from 2008 onwards from a consortium of seven public sector banks had been diverted, with the outstanding amount rising to about Rs 3,695 crore including accrued interest. Bank of India was the consortium leader with Rs 754.77 crore, followed by Indian Overseas Bank at Rs 771.07 crore, Union Bank of India at Rs 458.95 crore, Bank of Baroda at Rs 456.63 crore, Allahabad Bank at Rs 330.68 crore, Oriental Bank of Commerce at Rs 97.47 crore and Bank of Maharashtra at Rs 49.82 crore, as per the CBI’s figures.

Measured against the Rs 3,695 crore claimed by the investigating agency, the aggregate reserve price now on offer amounts to about 3.75 per cent, a derived figure. The comparison is indicative only: the reserve price is a floor rather than an expected realisation, the admitted claims in the liquidation have not been established from the notice, and Rotomac Exports Pvt Ltd, a separate corporate debtor of the group also under Goel’s charge, is in liquidation in a parallel proceeding.

Auction terms

The e-auction is on an “as is where is”, “as is what is”, “whatever there is” and “without recourse” basis, without warranties or indemnities. The notice cites Clause 1(5A) of Schedule I to the Liquidation Process Regulations, under which bidders must declare that they are not disqualified under Section 29A of the Insolvency and Bankruptcy Code or otherwise ineligible, and states that the EMD will be forfeited if ineligibility is later established.

Bidders have been directed to refer to the terms and conditions on the website of AAA Insolvency Professionals LLP, on the IBBI website or on the BAANKNET portal before submitting EMD and participating. The liquidator’s address for correspondence is First Floor, 64, Okhla Estate, Phase III, near Modi Mills, New Delhi 110020.

Also See: Konaseema Gas Power’s 445 MW plant back on the block; liquidator sets Rs 185.18 crore reserve across four lots

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The liquidator of Konaseema Gas Power Ltd (KGPL) has invited fresh bids for the company’s 445 MW natural gas-based combined cycle power plant in Andhra Pradesh and the land parcels around it, offering the assets in four separate lots at a cumulative reserve price of Rs 185.18 crore, according to a sale notice issued on August 4.

The notice, issued by liquidator CA Sai Ramesh Kanuparthi from Hyderabad under Section 35(f) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 33(1) of the IBBI (Liquidation Process) Regulations, 2016, sets August 19 as the last date for submission of expressions of interest along with all bid documents and earnest money deposit on the BAANKNET portal. The e-auction is scheduled for August 21 between 10 a.m. and 4 p.m., with unlimited extensions of five minutes each up to 7 p.m.

The assets, which form part of the liquidation estate, are located at Devarapalli in Ravulapalem, Dr. B.R. Ambedkar Konaseema district — formerly East Godavari district — of Andhra Pradesh. Bids are being invited through the e-auction platform at ibbi.baanknet.com, with the sale being conducted under the modes of sale specified in Regulation 32(a) to (d) of the Liquidation Process Regulations.

Lot-wise structure

The principal offering is Lot A.4, comprising the plant and machinery of the generating station — two Siemens V94.2 gas turbines of 139.44 MW each, two heat recovery steam generators and one steam turbine of 166.60 MW supplied by LMZ, Russia — together with buildings, other equipment and a land parcel of about 29.13 acres. Carrying Asset Id 3462, the lot has been set a reserve price of Rs 135.83 crore, with an EMD of Rs 6.79 crore and an incremental bid amount of Rs 0.67 crore.

Lot A.5, a land parcel of about 9.50 acres with a temple (Asset Id 3463), carries a reserve price of Rs 9.18 crore, an EMD of Rs 0.91 crore and an incremental bid amount of Rs 0.09 crore. Lot A.9, a land parcel of about 29.64 acres with a pond, plant and machinery, buildings and an APTRANSCO towers area including a river intake well (Asset Id 3467), has been priced at a reserve of Rs 31.62 crore, with an EMD of Rs 3.16 crore and an incremental bid of Rs 0.31 crore.

The fourth offering, Lot B, is about 5.80 acres of land abutting the power plant land at survey numbers 7/1, 6/2B, 6/3B and 7/4 of Kotha Peta and 36/2 of Devarapalli village (Asset ID 845), with a reserve price of Rs 8.55 crore, an EMD of Rs 0.85 crore and an incremental bid amount of Rs 0.08 crore.

The four lots together carry a reserve price of Rs 185.18 crore, an aggregate EMD of Rs 11.71 crore and aggregate land of about 74.07 acres, all figures derived by summation of the lot-wise numbers stated in the notice; the notice itself does not print a total. The nameplate capacity of the three machines listed under Lot A.4 sums to 445.48 MW, marginally above the 445 MW capacity described in the notice heading.

The EMD-to-reserve ratio is not uniform across the lots. On Lot A.4 the deposit works out to about 5 per cent of the reserve price, while on the three land-led lots it is close to 10 per cent, on figures derived from the notice. The incremental bid amount on Lot A.4 is about 0.5 per cent of its reserve price against roughly 1 per cent on each of the other three lots.

Bidders may bid for all or any of the lots as they prefer, subject to deposit of the applicable EMD and submission of the EOI as per the terms of the document applicable to each such lot, the notice said. Separate e-auction process information documents have been issued — document (II) for Lots A.4, A.5 and A.9, and document (III) for Lot B. The sale is on an “as is where is”, “as is what is”, “whatever there is” and “no recourse” basis.

Section 29A undertaking

Prospective bidders are required to submit, through the BAANKNET platform, an undertaking of eligibility under Section 29A of the Code stating that they do not suffer from any ineligibility under that section to the extent applicable, and that the EMD shall be forfeited if they are found ineligible at any stage.

The notice clarifies that the invitation only purports to invite prospective bidders and does not create any binding obligation on the liquidator or the company to effectuate the sale, with the liquidator retaining the right to extend, defer, cancel or modify any of the terms and conditions, including the auction timelines, and to reject any bid without prior notice or assigning any reason.

The notice carries a note that the liquidator’s authorisation for assignment is valid up to December 31, 2025, with a reference to the proviso to Regulation 7A of the IBBI (Insolvency Professionals) Regulations, 2016. Regulation 7A bars an insolvency professional from accepting or undertaking an assignment after December 31, 2019 without a valid authorisation for assignment, while the proviso carves out assignments already being undertaken — a position the National Company Law Appellate Tribunal has read as permitting continuation and completion of assignments accepted before expiry.

Sixth year of liquidation

KGPL, incorporated on July 10, 1997, set up the combined cycle station to draw on gas from the Krishna-Godavari basin. The company was admitted to corporate insolvency resolution on December 18, 2018 by the National Company Law Tribunal, Hyderabad bench, on a petition filed by IDBI Bank in CP (IB) No. 458/7/HDB/2018, according to IBBI records. With no resolution plan concluded, the committee of creditors opted for liquidation and the tribunal ordered liquidation on February 20, 2020, appointing Kanuparthi as liquidator. The liquidation period has since been extended by the tribunal on multiple occasions, most recently by an order dated July 12, 2024 in IA((IBC)-1462-2023, IBBI records show.

The August 21 auction follows a sequence of unsuccessful attempts to monetise the station. A sale notice issued in 2020 had offered the plant along with about 121.92 acres at a reserve price of Rs 410 crore. A June 2025 auction offered the plant under a single Lot-I at a reserve price of Rs 227.61 crore against an EMD of Rs 5 crore. The immediately preceding round, notified to IBBI on May 22, 2026 for an auction on June 12, carried a cumulative reserve price of Rs 198.44 crore and a cumulative EMD of Rs 13.03 crore across lots.

Measured against that May 2026 round, the cumulative reserve price now on offer is lower by Rs 13.26 crore, or about 6.7 per cent, and the cumulative EMD is lower by Rs 1.32 crore — both figures derived. The comparison is indicative rather than exact, since the IBBI filing for the May 2026 round did not disclose a lot-wise break-up, and the composition of lots offered in that round could not be independently established.

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

The post Konaseema Gas Power’s 445 MW plant back on the block; liquidator sets Rs 185.18 crore reserve across four lots appeared first on Insolvency Tracker.

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

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Creditors have filed claims of Rs 762.74 crore against Future Brands Ltd, the Future Group entity that owned and licensed the conglomerate’s private-label portfolio, of which the interim resolution professional has admitted Rs 501.58 crore in the first list of creditors published a month into the insolvency process.

The list, drawn up as on July 16, 2026, records 10 claims received and seven admitted. Claims worth Rs 261.16 crore — more than a third of the total filed — remain under verification, and no claim has been rejected outright so far.

Financial creditors account for almost the entire admitted pool. Three secured financial creditors filed Rs 391.05 crore, of which ₹380.31 crore was admitted, giving them a 75.82 per cent share of total admitted claims; Rs 10.74 crore of their filing is still being verified. Three unsecured financial creditors filed Rs 366.66 crore, but only two claims totalling ₹116.31 crore have been admitted, a 23.19 per cent share, with Rs 250.35 crore — the single largest block of unverified claims — pending scrutiny.

Two government-dues claims of Rs 4.96 crore have been admitted almost in full, leaving ₹9,000 under verification. Two operational creditors other than workmen, employees and government departments filed Rs 6.89 lakh, none of it admitted so far. No workmen or employee claims have been received, and none from creditors in a class.

The company was admitted to the corporate insolvency resolution process by the Mumbai bench of the National Company Law Tribunal on June 16, 2026, on a Section 7 petition by Union Bank of India. The bench of Nilesh Sharma (Judicial) and Sameer Kakar (Technical) appointed Kanak Jani as interim resolution professional and declared a moratorium under Section 14, directing the bank to deposit ₹3 lakh towards initial process costs. The tribunal expressly declined to crystallise the claim amount at admission, leaving collation to the IRP.

Union Bank’s petition, filed on October 14, 2025, put the default at ₹114.17 crore as on September 26, 2025, with the date of default stated as February 28, 2023. The admitted secured claims of ₹380.31 crore indicate that other consortium lenders have since filed.

The debt

The bank sanctioned a ₹260 crore term loan to Future Brands on March 18, 2019, at MCLR plus 2.35 per cent, then 10.95 per cent, repayable in 22 stepped-up quarterly instalments after a six-month moratorium. The loan part-financed the acquisition of the brands Pink & Blue, Shatranj, Shyla, Studio NX, CTee and Haute & Spicy, along with brand development and media deposits; the company’s total debt requirement at the time was ₹540 crore.

Bansi Mall Management Company Pvt Ltd stood corporate guarantor, creating a second pari passu charge on its property at SOBO Brand Factory, Tardeo Road, Mumbai. The facility was restructured in June 2021 under the Reserve Bank of India’s Resolution Framework for COVID-19 Related Stress, with a funded interest term loan of ₹42.46 crore taking total restructured debt to ₹298.55 crore. The account was classified a non-performing asset on September 30, 2022, with effect from December 29, 2020. A recall notice followed on October 11, 2022 and a SARFAESI Section 13(2) demand for ₹273.70 crore on March 24, 2023.

The bank had earlier moved against the guarantor under the IBC in CP (IB) 855 of 2023, withdrawing that petition after Bansi Mall paid ₹141.25 crore in two tranches in April 2024.

Future Brands resisted admission on the ground that it was a solvent going concern earning royalties from brands including John Miller, BARE, DJ&C, Fresh & Pure, Lombard, Srishti, IQIP, Knighthood, KORYO and Rig, and that the bank was forum-shopping given its pending recovery application before the Debt Recovery Tribunal, New Delhi, where security assets were valued at over ₹2,730.75 crore. It also disputed the date of default and the authorised signatory’s power to file.

The tribunal rejected each ground. It held that successive defaults on quarterly instalments gave a fresh cause of action, that limitation ran from October 18, 2022 on expiry of the recall notice, that a power of attorney sufficed as authorisation under Palogix, and that Vidarbha Industries was confined to its own facts — relying on the Supreme Court’s recent ruling in Power Trust v. Bhuvan Madan that the enquiry at admission is limited to whether a debt is due and in default.

The company

Future Brands Ltd was incorporated in 2006 and sits at Knowledge House, the Future Group headquarters on the Jogeshwari-Vikhroli Link Road. It functioned as the group’s brand consulting and brand-holding arm — creating and managing a portfolio of brands while selling consulting services to outside clients — under managing director and chief executive Santosh Desai, a former McCann-Erickson India president.

Trading as Futurebrands Consulting, the firm’s published client work spans Royal Enfield, Kellogg’s, Fastrack, Tata Motors, Titan, Lenskart, Biba, Wildcraft, Britannia, Colgate, Sleepwell, Nicobar, Mahindra Reva and Dalmia Bharat. It also runs Bharat Darshan, a long-running study of socio-cultural change in India.

The insolvency is the latest in the unwinding of Kishore Biyani’s Future Group, whose Rs 24,713 crore asset sale to Reliance Industries collapsed in 2022 after secured creditors voted it down, sending flagship entities including Future Retail and Future Enterprises into the IBC.

Also See: Reliance Retail to acquire insolvent Future Supply Chain for Rs 171 crore

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The National Company Law Tribunal’s New Delhi bench has approved a ₹187.45 crore resolution plan submitted by Goldstar Realtors Ltd for ANS Apartments Pvt Ltd, a Greater Noida group-housing developer, ending a corporate insolvency resolution process that ran more than six years and was once sent back to the committee of creditors by the tribunal itself.

The two-member bench of Bachu Venkat Balaram Das (Judicial) and Ravindra Chaturvedi (Technical) allowed the resolution professional’s application, I.A. (IBC)(Plan) 58(ND)/2024, in an order pronounced on June 9, 2026. The plan carries a total realisable amount of ₹175.07 crore against admitted claims of ₹319.73 crore — a recovery of 54.75 per cent — with the balance accounted for by ₹7.50 crore of fresh infusion by the successful resolution applicant and ₹4.89 crore of CIRP cost.

Homebuyers, who formed the bulk of the committee of creditors, had claims of ₹107.28 crore admitted and will be paid entirely in kind through delivery of flats under the plan’s Schedule 6. The successful resolution applicant has undertaken to complete the project and hand over units within 18 months of the effective date, with a six-month grace period.

The Greater Noida Industrial Development Authority, treated in the plan as an operational creditor, had ₹127.85 crore admitted and will receive ₹67.50 crore, or 52.80 per cent — ₹27.50 crore in cash across five tranches and ₹40 crore through 40 lakh redeemable preference shares of ₹100 each. GNIDA’s objections to the revised plan were rejected by the same bench on the same day in a separate order in IA-1628/2025, in which the tribunal held that the treatment accorded to the authority was over and above its statutory entitlement under Section 30(2) read with Section 53 of the Code.

Other operational creditors with ₹2.37 crore admitted will receive ₹23.72 lakh, a recovery of about 10 per cent. The Commercial Tax Department, Noida, accounts for ₹2.04 crore of that figure and is separately shown as receiving ₹20.44 lakh. Employee dues of ₹71,518 will be paid in full. The lone dissenting unsecured financial creditor, with ₹17.52 lakh admitted, gets ₹4 lakh. There were no secured financial creditors.

The CIRP began on December 6, 2019 on a Section 7 application by financial creditor Satyajeet Panda and another, with Ram Phal Bhardwaj appointed interim resolution professional and later confirmed as RP. The committee of creditors had approved Goldstar’s plan as early as August 2020, choosing the H2-ranked bidder over Ramawat Infraprojects Pvt Ltd, which had scored 10 out of 10 on the evaluation matrix against Goldstar’s 7.6. Goldstar was approved with 99.935 per cent voting share; Ramawat drew 0.065 per cent.

The plan approval application filed in October 2020 was reserved, de-reserved and eventually remanded to the CoC on January 3, 2024 after the tribunal directed reconsideration, including on valuation. A fresh valuation exercise followed, and Goldstar submitted a revised plan dated July 5, 2024 with addenda of August 5 and August 10, 2024. The 17th CoC meeting approved it with 100 per cent voting share, the homebuyer class voting 99.91 per cent in favour through its authorised representative.

The fresh valuation cut the corporate debtor’s assessed worth sharply. Fair value fell from ₹176.41 crore in the original exercise to ₹25.61 crore, and liquidation value from ₹128.03 crore to ₹19.17 crore. On the revised numbers, the realisable amount works out to 913.21 per cent of liquidation value.

The bench, relying on Vallal RCK v. Siva Industries and Holdings and the line of authority from K. Sashidhar onwards, held it could not sit in appeal over the commercial wisdom of the CoC. It directed implementation within 180 days of the effective date, lifted the moratorium under Section 14, and declined to grant the reliefs and concessions sought by the SRA, directing it instead to approach the appropriate authorities under Embassy Property Development v. State of Karnataka. A three-member monitoring committee will oversee implementation until closing date.

Also See: NCLT approves Rs 288-cr resolution plan for ACCIL Corporation

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The liquidator of Blizzard Ceramica LLP has invited bids for the ceramic maker’s entire asset block at a reserve price of ₹45 crore, with the e-auction scheduled for August 18 on the BaankNet platform.

The sale covers land and building, plant and machinery at Survey Nos 83/1, 83/2, 83/3 and 83/4, Lunsar Road, opposite Bhojapara on the 8-A National Highway at Jetparda, Wankaner in Gujarat, together with securities and financial assets. The assets are being offered collectively as a single block rather than in parcels. Earnest money deposit has been fixed at ₹4.5 crore, or 10 per cent of the reserve price, with a bid increment of ₹25 lakh.

Bidding will run from 11.15 a.m. to 1.15 p.m. on August 18, with unlimited five-minute extensions. The last date for submission of documents is August 14 at 4 p.m. and for EMD the same day at 5 p.m. The sale is being conducted by Rajender Pal Chandel, liquidator, through the IBBI’s e-auction platform hosted on BaankNet.

The reserve price sits well below the charges registered against the entity. MCA filings show open charges of ₹65.59 crore against Blizzard Ceramica, with no settled loans, and a total obligation of contribution of ₹15.50 crore. On that basis the block is being offered at roughly a third below the registered secured exposure.

The LLP was admitted into corporate insolvency resolution on April 28, 2025, on a Section 9 petition filed by Vidres India Ceramics Pvt Ltd before the Ahmedabad bench of the National Company Law Tribunal in C.P.(IB)/283(AHM)2024. Rahul Shah was appointed interim resolution professional and later resolution professional, with Nimai Gautam Shah subsequently taking over as resolution professional. A liquidation application, IA(Liq)/2(AHM)2026, was moved under Sections 33 and 60(5) of the Code read with Rule 11 of the NCLT Rules before a bench of Shammi Khan, member (judicial), and Sanjeev Sharma, member (technical). The notice records the liquidation order as having been passed by Ahmedabad Bench-I on March 17, 2026. The public announcement of liquidation was issued on March 21, 2026.

Blizzard Ceramica manufactures ceramics, sanitaryware and tiles and is based in Wankaner, in the Morbi ceramic cluster. It employed seven people and its designated partners include Ishvarbhai Bhagwanbhai Motka, Divyesh Ambarambhai Ghodasara and Ravikant Tarkeshwar Shah. Its last statement of accounts and solvency was filed for the year ended March 31, 2025.

The sale is on an “as is where is”, “as is what is”, “whatever there is” and “no recourse” basis without warranties. Bidders must register on BaankNet and file an undertaking that they do not suffer any ineligibility under Section 29A of the Insolvency and Bankruptcy Code. The notice warns that if a bidder is found ineligible at any stage the earnest money will be forfeited, citing IBBI circular IBBI/LIQ/84/2025 of March 28, 2025.

Under Paragraph 12 of Schedule I to the IBBI (Liquidation Process) Regulations, 2019, the highest bidder must pay the balance consideration within 90 days of demand, with payments made after 30 days attracting interest at 12 per cent, and the sale standing cancelled if payment is not received within 90 days. The liquidator must complete due diligence on the highest bidder within three days of declaration and place the auction results before the consultation committee constituted under Regulation 31A before declaring a successful bidder. Should the highest bidder be found ineligible, the next highest may be declared successful following the procedure in clauses 12A to 12E.

The successful bidder will bear stamp duty, transfer charges, GST and all statutory and non-statutory dues on the assets. The liquidator has reserved the right to cancel or modify the process, or to disqualify any bidder, without assigning a reason.

Also See: 26-km BOT road project of Supreme Vasai Bhiwandi Tollways up for auction at ₹42 crore

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The Joint Committee of Parliament on the Corporate Laws (Amendment) Bill, 2026 has recommended that dedicated IBC benches at the National Company Law Tribunal (NCLT) for insolvency cases be constituted as a binding statutory obligation rather than left to administrative discretion, and has doubled the monetary threshold for summary liquidation to Rs 2 crore.

In its report presented to the Lok Sabha on 4rd August, the 31-member panel chaired by Sudheer Gupta recommended substituting the words “may, if he considers appropriate” with “shall” in the proposed sub-section (4A) of Section 419 of the Companies Act, 2013, which Clause 96 of the Bill inserts to empower the NCLT President to constitute special benches. The clause also extends Section 419(4) to cover all provisions of the Insolvency and Bankruptcy Code, 2016.

The Committee held that dedicated IBC benches must be established through a binding statutory obligation rather than an enabling administrative option, arguing that a clear statutory separation of judicial architecture is essential to enforce institutional accountability and balance workload distribution. Benches focused solely on insolvency, it said, would guarantee strict adherence to statutory resolution timelines and significantly help avoid value erosion of distressed assets, while insulating regular benches from unplanned procedural urgencies so they can handle routine reorganisations, mergers and conversions in a predictable manner. A proviso retains the President’s discretion to constitute special benches for cases arising only under the Companies Act.

Separately, the Committee recorded that time is of the essence in corporate restructuring and insolvency resolution and that procedural delays inevitably lead to severe asset value erosion, recommending that the Ministry of Corporate Affairs take urgent steps to increase the number of tribunal benches.

On summary liquidation, the Committee said the Ministry has agreed to raise the threshold under Section 361(1) from Rs 1 crore to Rs 2 crore or such higher amount as may be prescribed. Clause 78 also permits registered insolvency professionals to be appointed alongside Official Liquidators. The panel made its acceptance conditional on the Ministry notifying rules covering operational guidelines for insolvency professionals, digitised workflows on MCA21 and the revised thresholds, in consultation with professional bodies.

The appellate route against summary liquidation orders was modified. Clause 80 inserts Section 365A providing a 45-day appeal to the NCLAT against orders of the Central Government. The Committee held that an unyielding limitation period could prejudice genuine litigants facing unforeseen impediments, and the Ministry agreed to add a proviso allowing the appellate tribunal to entertain appeals within a further 45 days on sufficient cause being shown.

The panel also proposed a new Clause 94A amending Section 415 to insert the word “judicial” after “senior-most” in both sub-sections, so that the senior-most judicial member discharges the functions of NCLT President or NCLAT Chairperson during a casual vacancy. It said express identification of the acting head would strengthen institutional certainty and uphold the judicial character and independence of the specialised fora. Clause 95, resolving tied decisions in appellate benches through reference to additional members with a cumulative majority, was accepted unchanged.

Routine restoration appeals filed within three years shift from the NCLT to the Regional Director under Clause 76, with complex cases involving wider stakeholder rights under Section 252(3) remaining with the Tribunal. Addressing stakeholder concerns that Section 271(c) overlaps with the IBC, the Committee recorded the Ministry’s clarification that the two serve distinct functions — the Code governs creditor-led insolvency for debt defaults, while Section 271(c) allows statutory authorities to intervene in cases of corporate fraud and misfeasance.

On director disqualification, the Committee cut the cooling-off period under the proposed Section 164(1)(j) to two years for auditors, secretarial auditors, cost auditors, registered valuers and insolvency professionals of a company or its holding, subsidiary or associate company. It said two years would adequately safeguard board independence while avoiding undue restrictions on such professionals, and recommended omitting the “fit and proper person” criterion as excessive delegation. Where services are rendered through a firm or LLP, the bar attaches to the specific partners who provided them.

The Committee endorsed designating the Insolvency and Bankruptcy Board of India as the Valuation Authority under Section 247, noting it leverages an established statutory regulator and avoids constituting a separate body, with the NCLAT as the appellate forum under Clause 94.

Also Read: SC bars operational creditors’ suits, arbitration after Tata Steel resolution plan for Bhushan Steel

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Less than three years after acquiring Birla Tyres through the insolvency process, Himadri Speciality Chemical is aiming to build the once-defunct tyre maker into a ₹3,000-crore business, banking on premium products, exports and electric vehicle (EV) tyres to drive its turnaround.

The ambitious target comes after Birla Tyres generated ₹187 crore in revenue in FY26, marking the company’s return to business after its Balasore manufacturing facility remained shut for more than 30 months.

The revival follows Himadri’s acquisition of Birla Tyres along with Dalmia Bharat Refractories Ltd (DBRL) under the Insolvency and Bankruptcy Code. The consortium acquired the company for around ₹347 crore, against admitted secured financial creditor claims of ₹1,097 crore, implying recoveries of about 29%.

The latest annual report of Himadri, coupled with company disclosures, shows the turnaround has now entered the growth phase after production resumed in the first quarter of FY26.

“Our strategy has shifted from restarting operations to scaling the business,” the company said, outlining plans to expand manufacturing, strengthen distribution and move into higher-value tyre segments.

The company said Birla Tyres is already “nearing double-digit market share in select geographies”, while achieving above-market realisations and steadily improving utilisation at its Balasore plant.

To support the expansion, Birla Tyres has rebuilt its sales network with 49 distributors—40 in India and nine overseas—and more than 1,000 dealers.

The product portfolio has also expanded to over 145 SKUs, comprising truck and bus bias tyres, agriculture tyres and off-the-road (OTR) tyres. The company plans to launch nearly 400 additional SKUs across agriculture, construction and mining, truck and bus, and other emerging categories.

A key pillar of the turnaround strategy is entry into the passenger car radial (PCR) segment, particularly tyres for electric vehicles and SUVs, where demand is expected to grow rapidly. Himadri plans to commission the PCR manufacturing facility by FY28, while export-led growth in agriculture and OTR tyres will remain another focus area.

The company expects production to ramp up first in commercial vehicle and off-highway tyres before expanding into passenger vehicle tyres over the next two years.

The turnaround marks a dramatic reversal for Birla Tyres, whose business had virtually collapsed before insolvency. The company reported standalone revenue of just ₹5.42 crore in FY22 and a net loss of more than ₹655 crore, before operations came to a halt.

The ₹187 crore recorded in FY26 is the first tangible evidence that the business is regaining commercial traction. Himadri now expects Birla Tyres to become a key pillar of its diversification strategy, alongside investments in advanced battery materials and speciality chemicals.

Also See: Seven years on, Alok Industries remains an IBC outlier as RIL deconsolidates the textile unit

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The Supreme Court has ruled that operational creditors of Bhushan Steel Limited cannot pursue civil suits or arbitration for past dues after approval of the company’s resolution plan, allowing appeals filed by Tata Steel Ltd. as the successful resolution applicant and dismissing a recovery suit and six arbitration references brought by two operational creditors.

The bench held that only claims crystallised and quantified by the date the resolution plan took effect — May 18, 2018 — are payable on a pro-rata basis under the plan, and that claims not crystallised by then stand abated, extinguished, waived or withdrawn. As a result, the Supreme Court held that no amount beyond the notional value of Rupee One each was payable to Respondent No. 1, Varsha, and to intervenor Masyc Projects Private Limited, and ordered Varsha’s Civil Suit No. 153 of 2011, pending before the 13th Joint Civil Judge, Senior Division, Nagpur, along with Masyc’s pending arbitration proceedings, dismissed.

The ruling, authored by Justice Manmohan and reported as 2026 INSC 717, was delivered in Civil Appeal Nos. 9052-9053 of 2026, arising out of SLP(C) Nos. 24000-24001 of 2026. The appeals set aside two Bombay High Court, Nagpur Bench orders — dated March 28, 2019 and July 9, 2019 — that had allowed Varsha’s recovery suit to proceed despite the resolution plan’s approval, as well as the underlying trial court order of October 25, 2018 that had rejected Tata Steel’s application to dismiss the suit.

Background

According to the judgment, Varsha had filed a summary civil suit against Bhushan Steel Limited (BSL) prior to the initiation of the Corporate Insolvency Resolution Process (CIRP), seeking recovery of ₹38,89,674.14 with 18 percent annual interest; the suit was later converted to Civil Suit No. 153 of 2011. Masyc Projects Private Limited had separately initiated six arbitral references before two tribunals over goods supplied to BSL. CIRP was initiated against BSL at the instance of State Bank of India, and both creditors submitted claims to the insolvency process — Varsha for ₹34,27,895 and Masyc for ₹31,30,67,354.

The resolution professional’s Interim List of Creditors, dated January 17, 2018, admitted both claims at a notional value of Rupee One each, with an accompanying note stating the claims were subject to pending disputes and that liability depended on the outcome of those proceedings. Tata Steel’s resolution plan, submitted February 3, 2018, stated that operational creditors were entitled to nil payment under the liquidation value calculation, but separately earmarked an Operational Creditors Settlement Amount of ₹1,200 crore — ₹1,000 crore for essential and critical operational creditors and ₹200 crore for pro-rata distribution among other admitted claims. The Final List of Creditors, dated March 20, 2018, again admitted both claims at Rupee One each, though the judgment notes the note accompanying the interim list referencing “ongoing proceedings” was replaced in the final list with different wording. The Committee of Creditors approved the plan the same day; the National Company Law Tribunal (NCLT) sanctioned it on May 15, 2018, and the National Company Law Appellate Tribunal dismissed appeals against it on August 10, 2018.

Tata Steel’s applications to halt the civil suit and arbitration proceedings were rejected by the trial court and the sole arbitrator in October 2018 and January 2019 respectively, leading to the Bombay High Court writ petitions that were ultimately dismissed and are now set aside by the Supreme Court. Masyc was permitted to intervene in the Supreme Court proceedings by an order dated August 27, 2021, on the limited question of whether operational creditors may enforce past-dues claims by suit or arbitration after a resolution plan’s approval.

The Court rejected Varsha’s counsel’s argument that the resolution plan was procured by fraud, noting that no application under Rule 11 of the NCLT Rules, 2016 had been filed to challenge the plan’s approval. It also rejected Masyc’s argument that specific carve-out clauses in the plan preserved sub-judice claims from extinguishment, holding that the plan read as a whole extinguished all claims not crystallised by the effective date. The Court cited its earlier rulings in Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta (2020) 8 SCC 531, Ghanashyam Mishra & Sons Pvt. Ltd. v. Edelweiss Asset Reconstruction Co. Ltd. (2021) 9 SCC 657, and JSW Steel Ltd. v. Pratishtha Thakur Haritwal & Ors. (2025) 9 SCC 673, among others, on the “clean slate” principle underlying the Insolvency and Bankruptcy Code.

The judgment includes a separate section the Court titled “An Afterword,” in which it stated that the Code, in its present form, does not adequately account for the position of small operational creditors, including MSMEs, who are placed at the bottom of the repayment waterfall, and suggested that the Law Commission and the legislature examine the issue.

Also Read: Parliamentary panel recommends clearing corporations get overriding priority over IBC in Securities Markets Code

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The liquidator of Supreme Vasai Bhiwandi Tollways Pvt Ltd, which is undergoing liquidation under the Insolvency and Bankruptcy Code (IBC), has put the company’s toll road project and associated assets on the block with a reserve price of ₹42 crore under the ninth e-auction process. The auction is scheduled for August 20, 2026, after multiple earlier attempts to sell the assets.

The assets comprise the 26.425-km four-lane Chinchoti-Kaman-Anjurphata-Mankoli Road project in Maharashtra’s Thane district, developed under the Build-Operate-Transfer (BOT) model. Besides the toll road, the sale includes all project-related machinery and equipment, electronic FASTag infrastructure installed at the toll plazas, and all rights, interests, actionable claims and benefits arising from the project under the concession and substitution agreements. The concession period for the project runs until November 27, 2033, giving the successful bidder the right to operate and collect toll for the remaining concession period.

According to the auction notice, the assets are being sold on an “as is where is”, “as is what is”, “whatever there is” and “without recourse” basis. Interested bidders will have to carry out their own due diligence before participating in the auction.

The liquidator has fixed the earnest money deposit (EMD) at ₹4.2 crore, equivalent to 10% of the reserve price, while the minimum bid increment has been set at ₹10 lakh. Prospective bidders must submit their eligibility documents, including compliance with Section 29A of the IBC, and deposit the EMD by 4 pm on August 18, 2026. Site inspection and due diligence can also be completed by the same date.

The e-auction will be conducted on the IBBI’s Baanknet platform between 10.30 am and 3 pm on August 20, with automatic five-minute extensions if bids are received near the closing time.

The successful bidder will be required to pay the balance sale consideration within 30 days from the date of issuance of the Letter of Intent. Payments made after 30 days but within 90 days will attract interest in accordance with the liquidation regulations. Failure to complete payment within 90 days will result in cancellation of the sale and forfeiture of the EMD, the notice said.

The company was admitted into liquidation by the National Company Law Tribunal (NCLT), Chandigarh Bench, and the sale is being conducted in accordance with the provisions of the IBC and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations.

Also See: NCLT approves Rs 352-cr resolution plan for Radius & Deserve Land Developers

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