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Firestar International Limited (in liquidation) has announced an e-auction of gold, silver, platinum, palladium, copper, iron and titanium , along with a separate lot of mixed-colour pearls. The auction will be conducted under the Insolvency and Bankruptcy Code, 2016 through the Baanknet auction platform .
The Firestar International e-auction 2026 is scheduled for September 21, 2026 , from 1:30 pm to 3:30 pm . The auction will have an unlimited extension of five minutes for each additional bid.
The last date for qualified bidders to submit additional documents and EMD is September 19, 2026, by the end of the day .
The assets being auctioned belong to Firestar International Limited and were released by the Directorate of Enforcement (ED) . They form part of the liquidation estate created by the liquidator appointed by the National Company Law Tribunal (NCLT), Mumbai Branch .
SALE NOTICE
E-AUCTION PROCESS INFORMATION DOCUMENT
The auction notice lists 13 options, from Option A to Option M . The reserve price for Options A to L will be uploaded on the auction date, while Option M has a specified reserve price.
| Option | Asset details | Gross weight | Initial EMD | Incremental value |
|---|---|---|---|---|
| A | Bulk white, yellow and pink metal pieces of gold | 5,926.88 gm | ₹50 lakh | ₹10,000 |
| B | Bulk white, yellow and pink metal pieces of gold | 6,061.83 gm | ₹50 lakh | ₹10,000 |
| C | Bulk white, yellow and pink metal pieces of gold | 6,052.06 gm | ₹50 lakh | ₹10,000 |
| D | Gold granules, pieces, chains and dust in white, yellow and pink metal | 5,702.95 gm | ₹50 lakh | ₹10,000 |
| E | Bulk yellow metal pieces of gold | 3,837.63 gm | ₹50 lakh | ₹10,000 |
| F | Bulk white, yellow and pink metal chains and pieces of gold | 4,384.84 gm | ₹50 lakh | ₹10,000 |
| G | Bulk white, yellow and pink metal granules and pieces of gold | 4,851.50 gm | ₹50 lakh | ₹10,000 |
| H | Bulk white, yellow and pink metal granules and pieces of gold plus titanium | 4,985.96 gm + 80 gm titanium | ₹50 lakh | ₹10,000 |
| I | Bulk white, yellow and pink metal pieces of gold | 4,904 gm | ₹50 lakh | ₹10,000 |
| J | Silver granules, chains, cufflinks, pendants, rods and pieces; mixed silver-copper and silver- palladium metals |
1,33,885.78 gm + 36,589.30 gm | ₹33.15 lakh | ₹10,000 |
| K | Platinum pieces and granules; copper pieces and granules | 8,711.59 gm platinum + 90,495.35 gm copper | ₹41.50 lakh | ₹10,000 |
| L | Palladium pieces; mixed palladium-copper and palladium-gold metals | 15,360 gm + 60 gm + 2,104 gm | ₹61.50 lakh | ₹10,000 |
| M | Mixed-colour pearls, loose and malas | 226.80 kg | ₹1.52 lakh | ₹50,000 |
The reserve price for Options A to L will be uploaded on the date of the auction. The notice states that the reserve price will be exclusive of GST.
For Options A to I , the initial EMD is ₹50 lakh each , with an incremental bidding value of ₹10,000 .
For Option J , the initial EMD is ₹33.15 lakh , while Option K carries an initial EMD of ₹41.50 lakh . The EMD for Option L is ₹61.50 lakh .
Option M , covering 226.80 kg of mixed-colour pearls, has a reserve price of ₹15.20 lakh , an initial EMD of ₹1.52 lakh and an incremental value of ₹50,000 .
The liquidator has stated that the auction items have been certified by the Gemmological Institute of India (GII) .
The certificates and reports relating to the authenticity, purity, grading and weight of the metals will be uploaded on the Baanknet auction platform. Qualified bidders are required to refer to these certificates while assessing the inventory.
Prospective bidders must first register on the Baanknet auction platform and carefully review the eligibility conditions.
Participants are required to submit the prescribed documents, including a declaration of eligibility under Section 29A of the Insolvency and Bankruptcy Code .
The notice also states that the bidder must deposit the required Earnest Money Deposit (EMD) through the Baanknet platform.
If the H1 bidder is subsequently found ineligible , the EMD may be forfeited in accordance with the applicable IBBI provisions and the circular cited in the auction notice.
The auction process requires qualified bidders to comply with the prescribed eligibility conditions and submit the required documents through the electronic platform.
The auction documents, terms and conditions and other process-related information are available through the Baanknet auction platform .
Bidders should complete their registration, document submission and EMD payment within the deadlines specified in the sale notice.
The inventory is located in Surat .
Inspection will be permitted only by prior appointment for due diligence. According to the latest sale notice, no inspection will be permitted after September 11, 2026 .
Bidders are expected to conduct their own due diligence before placing a bid.
The auction will be conducted on an “AS IS WHERE IS”, “AS IS WHAT IS” and “WHATEVER THERE IS” basis through the approved service provider, PSB Alliance Private Limited .
The buyer is responsible for satisfying themselves about the assets before submitting a bid, and the liquidator will not be responsible for the bidder's assessment or conduct.
Under the liquidation process provisions cited in the notice, the highest bidder will be invited to provide the balance sale consideration within 90 days from the date of demand.
Payments made after 30 days will attract 12% interest , as specified in the notice.
The sale can be cancelled if the required payment is not received within 90 days .
| Event | Date/Time |
| Sale notice date | August 17, 2026 |
| Inspection deadline | September 11, 2026 |
| Last date for additional documents and EMD | September 19, 2026 |
| E-auction date | September 21, 2026 |
| E-auction time | 1:30 pm to 3:30 pm |
| Auction extension | Unlimited 5-minute extensions |
| Inventory location | Surat |
Interested bidders need to register on the Baanknet e-auction platform and complete the eligibility and documentation process.
The auction notice directs prospective bidders to:
Baanknet E-Auction Platform: https://ibbi.baanknet.com/eauction-ibbi/home
Bidders should download and carefully read all auction documents, submit the required eligibility documents and deposit the applicable EMD through the platform.
The liquidation process is being handled by Santanu T Ray, Liquidator, Firestar International Limited .
Address: 144-B, 14th Floor, Mittal Court, Nariman Point, Mumbai – 400021
Email: [email protected]
Additional email: [email protected]
Email: [email protected]
Contact: 8800865284 (Mr Wasim)
Liquidator: 9167086977
Other contacts: Mr Vaibhav Mohnot and Mr Savan Saxena
The contact numbers listed in the notice include 022-42667394, 7597767782 and 8460180580 .
The sale notice makes it clear that the invitation to bid does not create a binding obligation on the liquidator or the company to complete the sale.
The liquidator reserves the right to cancel or modify the auction process, reject or disqualify bidders, or not accept an offer , without assigning a reason and without liability.
Prospective bidders should therefore independently verify the auction documents, certificates, eligibility requirements, inventory and all applicable terms before submitting a bid.
The Firestar International e-auction is being conducted as part of the liquidation process, and interested bidders should rely on the official auction documents available on the Baanknet platform for the final terms and conditions.
