Companies

IVRCL receives ₹1,655-crore bid under liquidation process

V Rishi Kumar Hyderabad | Updated on March 06, 2020 Published on March 06, 2020

Under its liquidation process, IVRCL Ltd has received a bid, through an e-auction, for the sale of the company as a going concern.

After repeated postponement of the liquidation process, IVRCL received an offer, of ₹1,654.77 crore, from GABS Megacorp Ltd.

The debt-laden infrastructure company was ordered to be liquidated by the National Company Law Tribunal (NCLT), Hyderabad, after the process to finalise a revival plan failed.

Sutanu Sinha, who was appointed as IVRCL’s liquidator, said in a statement to the BSE that the company received an offer. The sale would, however, be “subject to the decision of the National Company Law Appellate Tribunal, Delhi”, he said.

The process of e-auction, which was intimated to the exchanges in September 2019, later resulted in several addenda to the main advertisement inviting potential suitors.

In the past few years, the company’s performance had taken a major hit due to banks and financial institutions facing defaults and delayed payments by the company.

This resulted in one of the banks dragging the company to the NCLT, as there was no final suitor during the course of the resolution process. Following this, last July, the NCLT directed the liquidation of the company as a going concern.

The company, which once commanded an order book of over ₹25,000 crore and was known for executing some major projects across the country, has been facing mounting debt and defaults.

Published on March 06, 2020

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.