EoI to be invited for sale of Nicco Corporation's assets

The Expression of Interest (EoI) for sale of insolvent Nicco Corporation's assets on a "piecemeal basis" will be floated shortly after the offer on slump sale option failed to attract "significant interest", an official said on Saturday.

The Kolkata bench of the National Company Law Tribunal (NCLT), in October, 2017, had ordered the liquidation proceedings against the debt-laden firm after its lenders voted against the resolution plan.

The EoI was invited from investors for acquisition of the firm's assets by way of slump sale - or all assets to be sold as a single unit - and the reserve price was set at Rs 231.48 crore, according to the document.

"Significant interest was not received for the slump sale option. Hence, we will now be offering the assets for sale on piecemeal basis. Necessary invitation for expressing interest in the same will be issued shortly," Nicco Corporation's Liquidator Vinod Kothari said in an email response to IANS' queries.

According to the bid document for slump sale option, it was expected that the applicants acquiring the assets of the company would endeavour to run the concern or business of company after acquisition of the sale assets.

The company is one of the oldest cable manufacturing companies in India engaged in the business of manufacturing and marketing various types of power, electrical and specialty cables.

Company's manufacturing unit in West Bengal's Shyamnagar, Odisha's Baripada, office spaces in Kolkata and Mumbai and among others were listed for sale.

--IANS

bdc/vd