The Expression of Interest (EoI) floated for the slump sale of assets Nicco Corporation which had been put under liquidation by the Kolkata bench of the NCLT failed to evince any interest from bidders.
The 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.”
Mr. Kothari said that the process would be initiated by putting up another invitation for expression of interest from eligible, potential bidders and then through an e-auction of assets.
After the failure of the resolution process at NCLT, the quasi-judicial body ordered the liquidation of the company.
The assets of the company, as listed by the liquidator, comprised manufacturing units in Shyamnagar in 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 other investments.
₹290 crore dues
The company’s financial creditors included several state-run banks such as Allahabad Bank, the State Bank group and Canara Bank, among others, with total dues amounting to close to ₹290 crore.
Nicco Corporation was the first company whose case was transferred to the NCLT after the scrapping of the BIFR.
