Insolvency: India Gate basmati rice maker KRBL group eyes REI Agro

The NCLT can order liquidation if a firm fails to bring to the table a resolution plan within six months of admission of the case. This can be extended by another three months

REI Agro, a firm that claims to have a 22 per cent share in the world’s basmati rice market, has gone in for liquidation after the National Company Law Tribunal (NCLT) ordered it to do so. Sources in the know of the matter said the makers of India Gate basmati rice, the KRBL group, have shown interest in REI Agro.

REI Agro, which sells Raindrops basmati rice, has a reserved price of Rs 2 billion. The official liquidator will hold an e-auction for the company. While the company has many assets, only those not under litigation or that which have