Companies

IVRCL liquidator invites expression of interest for second e-auction

V Rishi Kumar Hyderabad | Updated on June 24, 2021

The company is under liquidation pursuant to an NCLT order dated July 26, 2019

The National Company Law Tribunal Hyderabad-appointed liquidator, Sutanu Sinha has invited expression of interest (EoI) to submit bids for IVRCL Limited.

The NCLT had earlier ordered the liquidation of the Hyderabad-based infrastructure company as a going concern. This is the second e-auction process, the liquidator, who had earlier served as the Resolution Professional during the resolution process, has initiated after the resolution process did not yield results.

Incorporated in 1987, IVRCL is a publicly listed entity and had grown into a leading EPC and infrastructure company with operations diversified across irrigation, transportation and buildings among others.

The company is under liquidation pursuant to an order of the NCLT dated July 26, 2019.

The liquidator has scheduled the second e-auction on July 21 and the qualified bidders, who meet the eligibility criteria, have been asked to keep in mind the bidding reserve price of ₹1,600 crore subject to the terms of the E-auction Process Information Document.

Itclarified that, the invitation purports to ascertain interest of prospective bidders and does not create any kind of binding obligation on the part of the liquidator or the company to effect the sale.

The entire process shall be subject to the regulations, the Code and approval of the NCLT Adjudicating Authority, according to a regulatory filing by at the BSE.

The liquidation process is for the sale of IVRCL Limited as a going concern as per Regulation 32A of Insolvency and Bankruptcy Board of India (Liquidation Process), Regulations, 2016 and per provisions of Insolvency and Bankruptcy Code, 2016.

Trading in the company shares in the stock exchanges has been suspended due to procedural reasons.

Published on June 24, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor