Assam Company India Limited (BSE:500024) has received Expression of Interest (EOI) from 10 companies. Exceeding expectations of the lenders of Assam Company India Ltd, undergoing bankruptcy proceedings at the Guwahati bench of the National Company Law Tribunal (NCLT), the world's first tea company has found at least 10 suitors. Apeejay Surrendra Group, Warren Tea Limited (BSE:508494), Luxmi Tea Company Limited, MK Shah Exports Ltd., Dhunseri Petrochem Limited (BSE:523736), Asset Reconstruction Company (India) Limited, Suraksha Asset Reconstruction Private Limited, Purnendu Chatterjee, the non-resident who owns The Chatterjee Group (TCG), Megha Engineering & Infrastructures Limited and a Global Coal & Mining Pvt.

Ltd. has made EOI for Assam Company. Sources say although TCG's immediate interest is on the Amguri oilfield in Assam, up for sale, it wants to foray into tea at a time when the sector is showing signs of improvement, with prices on the rise. Calls and messages to Chatterjee went unanswered.

For Dhunseri Petrochem and other tea producers, acquisition of Assam Company's 14 prized estates will add to their production capacity and might help them manufacture boutique tea. For TCG and Global Coal Mining, it will be a new foray. It has been suggested the ARCs might be aiming to resell the assets of Assam Company after making a turnaround.

Previously, sources had suggested the sale of Assam Company could be difficult, owing to its nearly INR 14 billion in dues, nature of business and lack of assets in the oil vertical. However, based on a challenge on the eligibility criteria by MK Shah Exports, the NCLT bench has ordered a revision of the eligibility criteria and directed the Resolution Professional (RP) to go for a modified EOI. T Kannan, the RP, had said any company wishing to bid must have a net worth of at least INR 4 billion and a surplus fund of INR 500 million.

For the ARCs and other financial entities, the assets under management should be at least INR 40 billion for the preceding three financial years or the commuted fund available for investment should be INR 20 billion. However, the NCLT order doesn't affect the companies which have already given an EOI. Sources said the RP, in consultation with the Committee of Creditors, is considering whether to contest NCLT's order at the appellate tribunal.

Kannan declined to comment. The last day for submission of a resolution plan is May 21, 2018.