What's covered under the Article:

Euro Multivision Limited, a prominent player in the electronics manufacturing sector, has officially been sold as a going concern following the completion of the liquidation process under the Insolvency and Bankruptcy Code (IBC), 2016. On 28th April 2025, the Liquidator informed the stock exchanges — BSE Limited and National Stock Exchange of India Limited — that the Sale Certificate had been formally issued to the successful bidders, Mr. Girish Jain and Mr. Chandra Prakash Ranka, marking the finalization of the transfer of ownership, management, and control.

The liquidation process of Euro Multivision Limited was initiated after an order by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench dated 6th October 2023. Appointed liquidator CA Jigar Pradipchandra Shah oversaw the comprehensive auction and sale process in strict adherence to the IBC and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

The Liquidator conducted an e-auction on 5th March 2025, offering two options: sale as a going concern or collective sale of assets. While there were no takers for the collective asset sale, there was strong participation for the sale of the company as a going concern. Eventually, the highest bid was secured from the Consortium of Girish Jain and Chandra Prakash Ranka, based out of Secunderabad, Telangana.

The consortium's winning bid was ₹19.50 crores, and the detailed payments were made in multiple tranches, including an Earnest Money Deposit (EMD) and subsequent payments as stipulated under the Letter of Intent (LOI) issued by the Liquidator on 7th March 2025. An additional interest payment of ₹1,08,493 was made to cover minor delays in payment timelines, as per regulatory compliance.

After full receipt of ₹19,51,08,493 from the purchasers, the Liquidator issued the Sale Certificate dated 18th April 2025, officially transferring the company’s entire assets to the successful consortium. These assets include Property, Plant and Equipment, Investments, Financial Assets, Inventories, Receivables, Cash and Bank Balances, and other current assets as per the audited financials dated 31st March 2023.

Importantly, the sale has been executed on an "As Is Where Is," "As Is What Is," "Whatever There Is," and "No Recourse" basis. The transaction was further cleared of any known legal hindrances — as no stay, injunction, or restraining orders had been received — and the encumbrances noted primarily pertained to relinquished charges by State Bank of India and COSMOS Bank.

The liquidator also clarified that the sale excludes any personal guarantor obligations, ensuring the consortium assumes control over the corporate entity free from liabilities tied to personal guarantees under the IBC framework.

The Stakeholder Consultation Committee (SCC) had reviewed and approved the sale during its 11th meeting held on 6th March 2025, ensuring that the liquidation process maintained transparency and regulatory compliance throughout.

Key Highlights of the Sale:

• Successful Bidder: Consortium of Mr. Girish Jain and Mr. Chandra Prakash Ranka.

• Final Sale Consideration: ₹19,51,08,493 (including interest).

• Asset Transfer: Entire business and assets of Euro Multivision Limited.

• Sale Basis: "As Is Where Is," "As Is What Is," "Whatever There Is," and "No Recourse."

The successful bidders are now in the process of taking over operations and aligning the business strategy in accordance with current market needs and applicable statutory frameworks.

In conclusion, the successful sale of Euro Multivision Limited underscores the effective implementation of the IBC framework, offering a clear pathway for distressed companies to find revival opportunities through organized and regulated liquidation processes. This transaction not only preserves the ongoing business but also safeguards value for stakeholders, aligning with the broader objectives of the insolvency ecosystem.

Further updates regarding the post-sale developments, management restructuring, and future business plans of Euro Multivision Limited under its new ownership will be communicated in due course by the successful bidder.

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