The liquidator of ARS Energy Pvt Ltd has put the company’s 60 MW coal-based thermal power plant at Gummidipoondi in Tamil Nadu’s Thiruvallur district up for e-auction at a reserve price of Rs 211.94 crore. This comes about five months after the creditors rejected seven resolution plans for the company.
According to the sale notice published on Monday, the assets will be sold as a slump sale under Regulation 32(b) of the IBBI (Liquidation Process) Regulations, 2016. The auction is scheduled for November 4, 2026, from 11 am to noon on the IBBI-empanelled BAANKNET platform. Each valid bid in the closing period will trigger an unlimited extension of five minutes. Bidders must deposit an earnest money deposit (EMD) of Rs…