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IVRCL up for sale liquidator invites EoI from bidders
  IVRCL Ltd. | 30 Aug 2019 | 03:41 PM
Published on 09-06-2019
The liquidator of IVRCL Limited has invited expression of interest (EoI) from prospective bidders for sale of the city-based infrastructure company as a going concern and set Rs 1654.47 crore 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 1654.47 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 nench.


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 crore resulting in an accumulated loss of Rs 6102 crore and erosion of its net worth.


The company has obligations towards fund-based borrowings (including interest) aggregating Rs 9593 crore as per books of accounts and non-fund based exposure aggregating Rs 857 crore.


Currently IVRCL`s shares are under suspension from trading.