Intimation regarding the Sale of corporate debtor as a going concern
Awaiting price reaction for this filing.
Richa Industries Limited, currently in liquidation under the Insolvency and Bankruptcy Code following an NCLT order dated June 11, 2025, has been sold as a going concern. An e-auction was held on October 16, 2025, and a consortium of M/s Kaveri Industries and Sh. Narinder Kumar Sachdeva was declared the successful bidder. A Letter of Intent was issued on October 18, 2025, and after receipt of the full sale consideration, the sale letter was issued and possession of the company was handed over to the consortium on November 27, 2025. The liquidator, Mohit Chawla, confirmed this marks a significant step in completing the liquidation process, with pending BSE dues to be settled from the distribution proceeds.
For existing shareholders, this effectively ends the company as a going entity — shares are likely to become worthless as the sale proceeds will be used to pay off creditors rather than equity holders. The stock may face delisting or be relegated to the zombie category post-liquidation completion.