Companies

IVRCL Liquidator extends deadline for expression of interest, e-auction

V Rishi Kumar Hyderabad | Updated on October 06, 2019 Published on October 06, 2019

The e-auction is scheduled on October 4 with a reserve price of Rs. 1,654.47 crore

The deadline for submission of Expression of Interest under liquidation process, as a going concern, for IVRCL Limited has been extended to October 14.

The Hyderabad-based infrastructure company has gone through insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 at the National Company Law Tribunal, Hyderabad. The Tribunal had ruled that the company would go through the liquidation process as a going concern and appointed Sutanu Sinha as Liquidator of IVRCL. He has earlier represented as the Insolvency Professional for the company after the Board was suspended.

The move to liquidate comes after all efforts to find a resolution did not materialise during the insolvency proceedings at the NCLT.

In continuation to the announcement made on September 5, inviting Expression of Interest to submit bids for IVRCL Limited under liquidation process as going concern, the liquidator has informed the Stock exchanges that the last date for submission of Expression of Interest has been extended to October 14, 2019.

And the date of e-auction has been extended to October 15, 2019 with an additional announcement that the Process Participation Fee of Rs 25 lakh (plus GST 18%) has been waived.

Published on October 06, 2019
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