IVRCL up for sale invites EoI from bidders

The company is under liquidation as a going concern following an order by the National Company Law Tribunal (NCLT), Hyderabad bench.

0
978
IVRCL- Constrofacilitator

IVRCL Limited’s liquidator has invited expression of interest (EoI) from prospective bidders for sale of the city-based infrastructure company as a going concern and set Rs 1,654.47 crores as the reserve price, an official announcement has said.

It is informed that the e-auction shall be scheduled on 4 October. The qualified bidders who meet the eligibility criteria can participate in the e-auction by bidding for at least the reserve price of Rs 1,654.47 crores subject to the terms of the e-auction process information document, the liquidator said in a notice on the company’s website on September 5.

The company is under liquidation as a going concern following an order by the National Company Law Tribunal (NCLT), Hyderabad bench.

The NCLT had, on July 29, ordered liquidation of the company as there was no suitor for a resolution of the company.

Sutanu Sinha, the resolution professional of the company during the insolvency process at the NCLT, was appointed as the official liquidator.

At the end of the first quarter, the company incurred a net loss of nearly Rs 800 crores resulting in an accumulated loss of Rs 6,102 crores and erosion of its net worth.

The company has obligations towards fund-based borrowings (including interest) aggregating Rs 9,593 crores as per books of accounts and non-fund based exposure aggregating Rs 857 crores.

Currently, IVRCL’s shares are under suspension from trading.

Source: Economic Times