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The industrial complex of insolvent edible oil refiner MAP Refoils India Ltd at Kadi in Gujarat’s Mehsana district will be auctioned as a single composite lot at a reserve price of Rs 101.42 crore on November 19, according to a joint e-auction notice dated October 17.
The sale brings together four sellers working under three different laws. CA Vikash Gautamchand Jain, liquidator of MAP Refoils, is the lead auctioneer. He is joined by CA Vinod Tarachand Agrawal, liquidator of group entity MAP Oil LLP, and CA Kinjalkumar Madhubhai Chaudhary, bankruptcy trustee of personal guarantors Mehulkumar Arvindbhai Patel and Khushboo Mehulkumar Patel. Bank of Baroda, as lead consortium member, is selling the assets of corporate guarantor MAP Cotton Pvt Ltd and other mortgaged property under the SARFAESI Act.
The notice says no bid will be entertained for any part of the lot. All the assets sit on the same survey numbers at Mouje Budasan, behind Kadi GIDC. MAP Refoils’ estate includes 47,194 sq m of leasehold land, an edible oil refinery, an acid oil plant, a butter plant, tank yards and godowns. MAP Oil LLP brings 20,903 sq m of leasehold land with a hydrogenation and HVO plant. MAP Cotton’s portion is 41,800 sq m of leasehold land with ginning machinery.
The guarantors’ estate is 1,10,197 sq m of land leased to various entities, sold along with the lessor’s rights under those leases. The three leasehold parcels add up to 1,09,897 sq m, which suggests the Patels’ land is largely the ground beneath the group’s own plants. That would explain why the sellers chose to offer everything as one lot.
Bidders must deposit an earnest money of Rs 10.14 crore, or 10% of the reserve price, by November 16. Eligibility documents, including a declaration under Section 29A of the Insolvency and Bankruptcy Code, are due by October 31. Bids will rise in steps of Rs 50 lakh on the BAANKNET platform, with five-minute auto-extensions. Bank of Baroda says it took possession of the mortgaged assets on September 10.
The Ahmedabad bench of the National Company Law Tribunal admitted MAP Refoils into insolvency in April 2022 and ordered its liquidation on January 25, 2024. The liquidator’s March 2024 list of creditors shows admitted secured claims of about Rs 295 crore. Bank of Baroda’s claim was the largest at about Rs 139.75 crore, followed by State Bank of India at Rs 50.6 crore and Central Bank of India at Rs 45.4 crore.
On those numbers, the reserve for the entire composite lot is about a third of MAP Refoils’ admitted secured debt alone, before counting the claims against MAP Oil LLP and the guarantors. MAP Oil LLP went into liquidation on April 24, 2023. In that case, SBI’s admitted claim was about Rs 55.76 crore, secured partly by the Patels’ factory land at Kadi. The tribunal changed MAP Refoils’ liquidator in August 2025, its records show. Central Bank of India has also pursued insolvency proceedings against the Patels as personal guarantors before the same bench. The assets can be inspected between October 31 and November 15 with prior notice.
Source: Insolvency Tracker