Daewoo Motor India (DMIL) was put up for sale on Friday by a debt recovery tribunal in Mumbai (once known as Bombay) which invited bids from prospective buyers.
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The company, which entered India in the mid 1990s, owes debts of more than Rs 1000 crore to three financial institutions, and NDTV report said.
ICICI Bank has the highest exposure of Rs 500 crore, IDBI has an exposure of Rs 450 crore and Exim Bank has an outstanding of Rs 100 crore.
ICICI had petitioned the DRT for appointment of a receiver to sell the plant either through a private deal or through a public auction, the report added.
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