Gauhati HC Told EOI Invited to Value ASCARD Bank’s Immovable Assets in Liquidation

Staff Reporter

Guwahati: The Gauhati High Court was yesterday informed that an Expression of Interest (EOI) has already been invited for intending government-registered valuers for the valuation of the immovable assets of the society under liquidation, namely the Assam State Co-operative Agriculture and Rural Development Bank Limited (ASCARD Bank). After selection of approved valuers, the liquidator shall ensure that the entire valuation process is properly and cleanly done at the earliest.

In view of this development, the HC adjourned the matter and listed it on August 14, 2026, on which date the counsel for the liquidator has to complete his instruction as regards the development in the process. The direction was issued by the single judge bench of Justice Arun Dev Choudhury, which was informed by advocate SK Talukdar, the counsel for the liquidator, on Wednesday that pursuant to this court’s order dated April 28, 2026, an expression of interest has been invited from intending government-registered valuers for the valuation of the immovable assets of the society under liquidation.

In an earlier hearing, it was submitted that the liquidator had already requested the competent authority, seeking permission to appoint a government-registered valuer to value the assets of the bank under liquidation. The Cooperation Department sought some more time to complete the court’s instructions regarding the process of appointing a government-registered valuer.

Prior to this, the court stated that an independent valuer needs to properly assess the value of the ASCARD bank property for liquidation, especially to help pay off its outstanding liabilities. The fixed assets of the bank were calculated to be Rs. 19,65,03,894.

However, it was also reflected that such valuation is based on book value and not assessed by any independent valuer inasmuch as such report reflects that outstanding total liabilities of the bank under liquidation were Rs. 207,70,58,156, whereas the total assets were valued in the aforesaid manner at Rs. 89,64,41,269,  leading to a shortfall of Rs. 118,06,16,886. The petitioner’s counsel submitted that the fixed assets are situated in a prime location, and if proper valuations are made by a government-registered valuer to arrive at the current market value, all these liabilities can probably be discharged.

The court said that it expected the liquidation process to be completed quickly, particularly because the petitioners are owed salaries, arrear salaries, and pensions, which they have already claimed. In most of the cases, there are directions of this court and the apex court to that effect.

Also Read: ASCARD Bank Liquidation: Gauhati HC Seeks Fresh Asset Valuation Amid Huge Liability Shortfall