Kolkata, Apr 07 (PTI) The Expression of Interest (EoI) floated for slump sale of assets Nicco Corporation which had been put under liquidation by the Kolkata bench of NCLT failed to evince any interest from bidders.
Liquidator for Nicco Corporation Vinod Kothari in an e-mailed response said “since the slump sale did not incite interest, the assets would now be sold on a piecemeal basis.” He said that the process would be initiated by putting up another EoI from eligible potential bidders and then e-auction of assets.
After failure of the resolution process at NCLT, the quasi-judicial body ordered liquidation of the company.
The assets of the company as listed by the liquidator were manufacturing units in Shyamnagar, West Bengal Baripada in Odisha, office spaces in Nicco group headquarters in Kolkata, Vikhroli in Mumbai and a guest house also in Mumbai and several investments.
The company’s financial creditors involved several state-run banks like Allahabad Bank, State Bank and Canara Bank among others, with total dues amounting to nearly Rs 290 crore.
Nicco Corporation was the first company to be transferred to the NCLT after the scrapping of the BIFR. PTI dc PR
This is published unedited from the PTI feed.