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Our Bureau

Chennai , July 17

Arunachalam Sugar Mills Ltd is on the block again, with the Official Liquidator calling fresh bids on orders of the Madras High Court.

Bids are now being invited for the movable and immovable properties of Arunachalam Sugar Mills at Malapammbadi village, Tiruvannamalai District.

The property, for which the upset price has been fixed at Rs 135.50 crore, includes over 125 acres land and buildings charged to Indian Renewable Energy Development Agency Ltd and a cogeneration unit financed to New Horizon Sugar Mills. It may be recalled that last year, the Murugappa Group acquired Arunachalam Sugar's group company New Horizon Sugars, which had a sugar mill in Pondicherry.

Sources in the know said that the move follows an application filed by the Indian Renewable Energy Development Agency (IREDA). Earlier, IREDA had invoked the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act 2002) to invite bids for Arunachalam Sugars for loan recovery.

But the company has challenged the process, which was heard in the Debt Recovery Tribunal. At that time the reserve price had been fixed at Rs 96 crore and a couple of mills based in Tamil Nadu had submitted their bids in the range of Rs 130 crore and Rs 135 crore for the property.

Related Stories:
Shree Ambika highest bidder for Arunachalam Sugar mill

More Stories on : Sick Units | Sugar | Courts/Legal Issues

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