Tag Archives: Liquidation

E-AUCTION SALE NOTICE: VGA Developers Pvt Ltd


In my professional capacity as the Liquidator for VGA Developers Private Limited, as par the order of the Adjudicating Authority I recently published the e-auction notice given hereunder in various newspapers.


The details of the assets and auction are avaialabe at https://ibbi.baanknet.com/asset-listing (Assets ID 4406). Any interested bidder may access all relevant documents there. Please read all these documents

E-AUCTION SALE NOTICE
[Regulation 32 and 33 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016]
Sale of Land and Building owned by and forming part of Liquidation Estate of VGA DEVELOPERS PRIVATE LIMITED (IN LIQUIDATION) presently in the possession of the Liquidator, appointed by the Hon’ble National Company Law Tribunal, New Delhi vide order dated 1 September 2021. The sale of properties will be done by the undersigned through the e-auction platform:
BAANKNET at https://ibbi.baanknet.com

VGA DEVELOPERS PRIVATE LIMITED (IN LIQUIDATION)
CIN: U45400DL2010PTC197841
Last Date to apply and submit documents: 14 September 2026, 5.00 PM
Date and Time of E-Auction: 18 September 2026, 10.30 AM to 4.30 PM
(With unlimited extension of 5 minutes each)

Asset details (Land and Building)Reserve PriceEMDIncremental Value
Residential plot under sub-lease with an area of 20,071 Square Meters (approximately 4.95 Acres) along with a partially built Building GH-P4, Sector 25, Jaypee Greens Sports City, SDZ, Yamuna Expressway Industrial Development Authority Area, District Gautam Budh Nagar, Uttar Pradesh (as it is)₹ 75,00,00,000.00 (Seventy-five Crore Indian Rupees only)₹ 3,75,00,000 (Three Crore Seventy-five lakh Indian rupees only)₹ 10,00,000
(Ten Lakh Rupees Only)

Terms and Conditions of the E-auction are as under:

  1. E-Auction will be conducted on “as is where is”, “as is what is” and “whatever there is basis” without any kind of warranties and indemnities, conducted under the provisions of the Insolvency and Bankruptcy Code, 2016 and Regulations made thereunder.
  2. The Complete E-Auction process document containing details of the assets, online e-auction bid form, declaration and undertaking form, general terms and conditions of online auction sale is available on the website BAANKNET at https://ibbi.baanknet.com only.
  3. In case the bidder has any queries regarding the auction process, they may refer to the Auction Guide for Buyers available on https://baanknet.com. For further assistance, they may call the helpline +91 82912 20220 or write to support.baanknet@psballiance.com
  4. Contact person on behalf of Liquidator: Mr Dharmveer Kumar at +91 95556 66268, Email: cirp.vgadevelopers@gmail.com

Date: 20 August 2026
Place: New Delhi
  Aishwarya Mohan Gahrana
Liquidator IBBI/IPA-002/IP-N00135/2017-18/10351

ई-नीलामी बिक्री सूचना
[भारतीय दीवाला एवं शोधन अक्षमता (परिसमापन प्रक्रिया) विनियम का विनियम 32 एवं 33]
वर्तमान में माननीय राष्ट्रीय कंपनी विधि अधिकरण, नई दिल्ली के आदेश 1 सितंबर 2021 के माध्यम से नियुक्त परिसमापक के कब्जे वाली वीजीए डेवलपर्स प्राइवेट लिमिटेड (परिसमापनाधीन) के स्वामित्व वाली व परिसमापन संपदा का भाग निर्मित करने वाले भूमि और भवन की बिक्री। सम्पत्तियों की बिक्री अधोहस्ताक्षरी द्वारा ई-नीलामी प्लेटफॉर्म BAANKNET https://ibbi.baanknet.com के माध्यम से की जाएगी।

वीजीए डेवलपर्स प्राइवेट लिमिटेड (परिसमापनाधीन)
सीआईएन: U45400DL2010PTC197841
आवेदन तथा दस्तावेज़ जमा करने की अंतिम तिथि: 14 सितंबर 2026, साँय 5.00 बजे
ई-नीलामी की तिथि एवं समय: 18 सितंबर 2026, सुबह 10.30 AM से साँय 4.30 बजे तक
(5 मिनिट के असीमित विस्तार सहित)

आस्तियों का विवरणआरक्षित मूल्य   ईएमडीवृद्धि राशि
आंशिक निर्मित भवन के साथ उपपट्टे के तहत जीएच-पी4, सैक्टर 25, जेपी ग्रीन्स स्पोर्ट्स सिटी, एसडीज़ेड, यमुना एक्स्प्रेसवे इंडस्ट्रियल डेवलपमेंट अथॉरिटी एरिया, जिला गौतम बुद्ध नगर, उ॰प्र॰ पर स्थित भूखण्ड, क्षेत्रफल 20071 वर्ग मीटर (लगभग 4.95 एकड़) (जैसा है वैसा ही)₹ 75,00,00,000.00 (पिचत्तर करोड़ भारतीय रुपए मात्र)₹ 3,75,00,000 (तीन करोड़ पिचत्तर लाख भारतीय रुपए मात्र)₹ 10,00,000
(दस लाख भारतीय रुपए मात्र)

-नीलामी के नियम व शर्ते:

1॰ ई-नीलामी बिना किसी वारंटी और क्षतिपूर्ति के “जैसी है जहाँ है”, “जैसी है वैसी है” और “जो कुछ भी है” के आधार पर आयोजित की जाएगी, जो दीवाला एवं शोधन अक्षमता अधिनियम, 2016 और उसके तहत बनाए गए नियमों के प्रावधानों के अंतर्गत संचालित होगी।

2.     पूरी ई-नीलामी प्रक्रिया का दस्तावेज़, जिसमें संपत्तियों का विवरण, ऑनलाइन ई-नीलामी बोली फ़ॉर्म, घोषणा और वचन-पत्र फ़ॉर्म, तथा ऑनलाइन नीलामी बिक्री की सामान्य शर्तें और नियम शामिल हैं, केवल BAANKNET की वेबसाइट https://ibbi.baanknet.com पर उपलब्ध है।

3. अगर बोली लगाने वाले को नीलामी की प्रक्रिया के बारे में कोई सवाल है, तो वे https://baanknet.com पर उपलब्ध ‘खरीदारों के लिए नीलामी गाइड’ (Auction Guide for Buyers) देख सकते हैं। मदद के लिए, वे हेल्पलाइन नंबर +91 82912 20220 पर कॉल कर सकते हैं या support.baanknet@psballiance.com पर ईमेल कर सकते हैं।

4. परिसमापक की ओर से संपर्क करने वाले व्यक्ति: श्री धर्मवीर कुमार, +91 95556 66268, ईमेल: cirp.vgadevelopers@gmail.com

दिनांक 20 अगस्त 2026
स्थान: नई दिल्ली
ऐश्वर्य मोहन गहराना
परिसमापक IBBI/IPA-002/IP-N00135/2017-18/10351

Promoters in doubt to file settlement proposal during Liquidation Process


Guest Post: Adv. Nitin Kumar Kaushik (Insolvency Professional) advnitinkaushik@gmail.com Mob: 70422-58781

Issue: whether the withdrawal of application filed by the Applicant under section 7, 9 and 10 of IB Code can be permitted by the NCLT post liquidation order passed under section 33 of IB Code. OR, can promoter be entitled to propose a scheme of the arrangement after passing Liquidation Order under Section 33 of IB Code?

Earlier, as per Rule 8 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (“CIRP Rules”), the National Company Law Tribunal may permit withdrawal of Section 7, 9 and 10 of Insolvency and Bankruptcy Code, 2016 (“IB Code”), on a request by the applicant before its admission. However, at that time, there was no provision in the IB Code to permit withdrawal of the CIRP process after the admission of CIRP.

Continue reading

Provident Fund/ Pension/ Gratuity is not part of Liquidation Estate


Guest Post: Adv. Nitin Kumar Kaushik (Kaushik Insolvency Professionals)

Numbers of Insolvency Professionals or Liquidators are facing the problem with respect to whether the Provident Fund/Pension Fund/Gratuity Fund is part of liquidation estate or not under Section 36 of the Insolvency and Bankruptcy Code, 2016 “IBC”. Generally, what happens, the Company had deducted the amount, in the form of provident fund or pension fund or gratuity amount, from the salary of the employee/workmen and then did not deposited or failed to deposit in the account of Employees Provident Fund Organisation “EPFO” or Pension Fund Organisation “PFO”. Thereafter, the government department i.e., EPFO or PFO attached the property of the Corporate Debtor in respect of dues of provident fund or pension fund or gratuity amount on the Corporate Debtor, even the attached property already mortgaged with any of the financial institutions or not.

Continue reading