Sarda Mines Private Limited signed a Letter of Intent to acquire Kwality Limited (BSE:531882) for INR 1.2 million on September 27, 2021. Under the E-auction sale process of Kwality Limited, buyer has been declared the successful bidder. The entire sale consideration amount has to be deposited by the successful bidder within 30 (thirty) days from the date of the signed LoI. Transaction is subject to approval from Hon'ble National Company Law Tribunal, New Delhi Bench 3, relinquishment of security interest by the secured financial creditor under Section 52 of the Insolvency and Bankruptcy Code, 2016 (‘IBC'), the terms of the Process Memorandum as amended from time to time and successful Bidder shall run the Corporate Debtor as a going concern by taking such appropriate measures as may be necessary to meet the objectives of the IBC. The LoI has to be executed by the successful bidder latest by October 6, 2021. Shailendra Ajmera of Ernst & Young LLP acted as Liquidator for Kwality Limited. EY acted as financial advisor and ran the CIRP process (IBC, Sell Side).

Sarda Mines Private Limited completed the acquisition of Kwality Limited (BSE:531882) on January 25, 2022.