High Asset

dunlop: Auction Of Dunlop Assets Begins Today | Kolkata News – Times of India

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Kolkata: RailTail Corporation will start the process of auctioning the assets of Dunlop India factory from Monday. The request for attending the e-auction will be taken till March 10, 2022.
“The whole auction process will be held during March 7-11. An official liquidator will carry out the process,” said sources.
However, the erstwhile owner of Dunlop India, Pawan Ruia, may file an appeal at the division bench of the Calcutta high court for revival of the company. “Earlier, he had filed an appeal at the division bench against the liquidation but no stay order was granted so far,” sources added.
Dunlop went into liquidation in 2012 through a direction by the Calcutta high court. The valuation of the Dunlop Sahaganj factory assets was pegged at Rs 13 crore, which will be the base price for this auction. However, this auction would only include factory premises, shades, tools and machineries but not the entire land.
The workers and secured creditors will get preference from whatever is garnered through liquidation.
According to the Section 529 A of the Companies Act, “Over riding preferential payment, notwithstanding anything contained in any other provisions of this act or any other law for the time being in force in the winding up of a company.”



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