The case involves a writ petition filed by M/S NDR Unique Space Private Limited against Konduru Prasanth Raju, the liquidator for Base Corporation Ltd. The petitioner was the highest bidder in an e-auction for assets of Base Corporation Limited, which was undergoing liquidation after CIRP proceedings initiated by the NCLT failed. The petitioner deposited 25% of the bid amount but sought clarifications/concessions from the liquidator, leading the liquidator to file an application with the NCLT for clarification. The petitioner approached the High Court because the NCLT was adjourning the matter, and the petitioner risked losing the deposited amount if the sale wasn't completed within the stipulated time.
Base Corporation Limited was undergoing CIRP, initiated by the NCLT on 2019-08-02. Resolution plans failed, leading to liquidation, which was allowed on 2022-04-26. Konduru Prasanth Raju was appointed as the liquidator. Assets, including property at Hosur, were put up for e-auction, with a sale notice published on 2023-02-13. The e-auction date was 2023-03-20. M/S NDR Unique Space Private Limited emerged as the highest bidder and deposited 25% of the bid amount (Rs. 16,53,50,000). The sale was to be concluded within 90 days. The petitioner sought clarifications/concessions, prompting the liquidator to file an application with the NCLT. The NCLT's adjournments led the petitioner to approach the High Court, fearing loss of the deposited amount. The last day for
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CIRP proceedings…
Application for liquidation of the Corporate…
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The case involves a writ petition filed by M/S NDR Unique Space Private Limited against Konduru Prasanth Raju, the liquidator for Base Corporation Ltd. The petitioner was the highest bidder in an e-auction for assets of Base Corporation Limited, which was undergoing liquidation after CIRP proceedings initiated by the NCLT failed. The petitioner deposited 25% of the bid amount but sought clarifications/concessions from the liquidator, leading the liquidator to file an application with the NCLT for clarification. The petitioner approached the High Court because the NCLT was adjourning the matter, and the petitioner risked losing the deposited amount if the sale wasn't completed within the stipulated time.
Base Corporation Limited was undergoing CIRP, initiated by the NCLT on 2019-08-02. Resolution plans failed, leading to liquidation, which was allowed on 2022-04-26. Konduru Prasanth Raju was appointed as the liquidator. Assets, including property at Hosur, were put up for e-auction, with a sale notice published on 2023-02-13. The e-auction date was 2023-03-20. M/S NDR Unique Space Private Limited emerged as the highest bidder and deposited 25% of the bid amount (Rs. 16,53,50,000). The sale was to be concluded within 90 days. The petitioner sought clarifications/concessions, prompting the liquidator to file an application with the NCLT. The NCLT's adjournments led the petitioner to approach the High Court, fearing loss of the deposited amount. The last day for
…CIRP proceedings…
Application for liquidation of the Corporate…
Sign in to view related legal provisions.