Roll Maker Gontermann-Peipers India to be auctioned on 11 November

Following the direction of the National Company Law Appellate Tribunal, a fresh auction for steel roll maker Gontermann-Peipers India has been set on 11 November 2022. The liquidator of GPI has notified the new date for the auction which is open to participation to any party who is willing to take the company on a going concern basis. The reserve price of the corporate debtor GPI has been fixed at INR 91 crore, higher than the price discovered in the first round. Snaefell Heights, an entity linked to Calcutta-based real estate group Srijan Realty, had put in a bid of INR 88 crore in the auction which took place in September 2021. The auction was subsequently challenged by many parties before the NCLT, Calcutta, which ordered a reauction of the GPI. On 30 September 2022, the NCLAT upheld the judgment of the lower tribunal. Closed in 2016, the GPI factory on Diamond Harbour Road near Joka sits on a 25.35-acre plot. Proximity to the city and Joka-Esplanade Metro, which is nearing completion, makes the plot lucrative for real estate development. Out of the total land available, only 2.76 acres is factory land while 22.14 acres continue to remain sali and barga land, which can be used for real estate development.