RIGA SUGAR CO. LTD.

(IN LIQUIDATION)
PUBLIC NOTICE FOR AUCTION UNDER INSOLVENCY AND BANKRUPTCY CODE 2016
Notice is hereby given by the undersigned to the public in general that the below-mentioned assets and items owned
by M/s Riga Sugar Co. Ltd. (in Liquidation) is being sold vie e-auction and the summary of MAJOR terms and
conditions of E Auction are as specified below.
1 Auction Date and Monday, September 2, 2024 from 12.00 p.m. to 6.00 p.m. with unlimited extension of 10
Time minutes, i.e. the end time of the e-auction will be extended by 10 minutes each time if bid
is made within the last 10 minutes before the closure of the auction.
2 Assets / Items for Option A : Sale of the Company as a Going Concern basis as per Regulation 32(e) read with
Sale Regulation 32A and 33(1) of IBBI (Liquidation Process) Regulations, 2016.
Option B : Sale of the business(s) of the Corporate debtor as a going concern as per
Regulation 32(f) read with 33(1) of IBBI (Liquidation Process) Regulations, 2016.
[Auction for both the Options will conducted on “AS IS WHERE IS”, “AS IS WHAT IS”,
“WHATEVER IS THERE IS BASIS” & “NO RECOURSE BASIS” and do not entail transfer of
Cash and Bank Balances / Deposits / Margin Money as up to the date of actual transfer of
corporate debtor to the successful e auction participant and on payment of all the
applicable due e auction amount.
3 Reserve Price Option A : Rs. 86.50 crore (applicable taxes and duties shall be payable separately by
successful bidder)
Option B : Rs. 86.50 crore (applicable taxes and duties shall be payable separately by the
successful bidder)
Subsequent bid will be multiples of Rs. 50.00 Lakhs.
4 EMD and Last Rs 0.50 Crore to be submitted by August 16, 2024 and Rs. 4.50 crore to be submitted by
Date of August 31, 2024 (latest by 5:00 pm for each option) [Separately for each option]
Submission EMD is non-interest bearing and will be refunded within 30 days from date of Auction.
5 Participating in All interested bidders must adhere to the relevant and applicable Terms and Conditions as
the Auction provided in the E Auction Process Memorandum, as available on the website
www.rigasugar.com and on https://nesl.co.in/auction-notices-under-ibc/
6 Submission of Latest by August 16, 2024 by 5.00 p.m.
Eligibility
Documents
7 Last Date to Interested bidders may contact the undersigned on the email – cirp.rigasugar@gmail.com
undertake Due for undertaking the due diligence of the company and to schedule an inspection.
Diligence and Site Last Date to undertake the Due Diligence and Site Visit – August 30, 2024
Visit Inspection and due diligence shall only be allowed after the bidders have submitted the
documents as mentioned in the e-Auction Process Document and deposited the part EMD
amount as and have been declared as qualified bidders.
Bidders should make independent inquiries with regard to the particulars of the company,
assets, claims, and liabilities, contingencies, litigation, licenses, permits, operational and
working status of the assets, and other relevant details, as they may deem fit. The sale is
without any recourse or any kind of warranties and indemnities .The Liquidator shall not
be held liable whatsoever for any costs or claims incurred by the prospective bidders.
All interested bidders are advised to contact the liquidator by email on cirp.rigasugar@gmail.com. Further, all
interested bidders are advised to invariably go through the E Auction Process Document containing therein in
detail of the terms & conditions of the above referred e-auction.
Neeraj Jain
Liquidator of Riga Sugar Co. Ltd. (in Liquidation)
Date: August 1, 2024 IBBI Regn No: IBBI/IPA-001/IP-P01067/2018-18/11758
Place: Kolkata AFA Validity: January 14, 2025
Morning India English Patna Date of Publish 01/08/2024
Sanmarg Hindi Patna Date of Publish 01/08/2024
The Financial Express English Kolkata Date of Publish 01/08/2024
Ek Din Bengali Kolkata Date of Publish 01/08/2024