Patna: Riga sugar mill, which has been closed for nearly four years, is set to reopen.
An E-Auction has been invited for this purpose, with a reserve price of Rs 91 crore. The e-auction will be held on May 27, and applications have been accepted till May 7. This e-auction has been issued on the orders of the National Company Law Tribunal (NCLT).
According to official information, Bihar’s Riga sugar mill has been closed since the 2019-20 crushing season. There has been a continuous demand to start it. Sugar Mill is located in Sitamarhi district. According to the information, NCLT has also appointed a liquidator in the context of the auction. He will keep a close watch on this auction.
Bidder are asked to deposit a sum of Rs. 5.00 crore as non-interest-bearing refundable security deposit, which shall be adjusted with the due payment in case of the successful bidder and shall be refunded to the unsuccessful bidders within a period of 30 business days from the date of auction. Further, out of the EMD amount of Rs 5.00 cr, Rs 0.50 crore to be paid along with submission of Eligibility Documents and residual balance of Rs 4.50 Cr to be paid prior to the E auction date, as per the timelines provided in the E Auction Notice and Process Documents.
