The Petitioner approached the High Court of Delhi seeking a direction to the Insolvency and Bankruptcy Board of India (IBBI) to take appropriate steps against the Liquidator, Mr. Sundaresh Bhat, who had been suspended by the Disciplinary Committee of the IBBI. The case arises from the liquidation of ABG Shipyard Limited, where Mr. Bhat served as the liquidator. The petitioner was declared as the anchor bidder for the second Swiss Challenge Process. The petitioner filed an appeal before the NCLAT challenging the order passed by the NCLT, which was stayed by the NCLAT. Respondent No. 5 also filed an appeal before the Apex Court challenging the order passed by the NCLAT. The Apex Court disposed of the said appeal and directed the NCLAT to decide the appeal filed by the
…ABG Shipyard Limited was undergoing liquidation after an application was filed by ICICI Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT, Ahmedabad, initiated the Corporate Insolvency Resolution Process (CIRP). Respondent No.4, Mr. Sundaresh Bhat, was appointed as the Interim Resolution Professional and later as the liquidator. Four public auction processes to dispose of the assets of ABG Shipyard failed. Mr. Bhat then sought permission from the NCLT to dispose of the assets through a private sale via the Swiss Challenge Process. The NCLT allowed this. The Petitioner was declared the anchor bidder in the second Swiss Challenge Process with a bid of Rs.431 Crores. Respondent No.4 received a higher offer from Respondent No.5 and sought
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The Petitioner approached the High Court of Delhi seeking a direction to the Insolvency and Bankruptcy Board of India (IBBI) to take appropriate steps against the Liquidator, Mr. Sundaresh Bhat, who had been suspended by the Disciplinary Committee of the IBBI. The case arises from the liquidation of ABG Shipyard Limited, where Mr. Bhat served as the liquidator. The petitioner was declared as the anchor bidder for the second Swiss Challenge Process. The petitioner filed an appeal before the NCLAT challenging the order passed by the NCLT, which was stayed by the NCLAT. Respondent No. 5 also filed an appeal before the Apex Court challenging the order passed by the NCLAT. The Apex Court disposed of the said appeal and directed the NCLAT to decide the appeal filed by the
…ABG Shipyard Limited was undergoing liquidation after an application was filed by ICICI Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT, Ahmedabad, initiated the Corporate Insolvency Resolution Process (CIRP). Respondent No.4, Mr. Sundaresh Bhat, was appointed as the Interim Resolution Professional and later as the liquidator. Four public auction processes to dispose of the assets of ABG Shipyard failed. Mr. Bhat then sought permission from the NCLT to dispose of the assets through a private sale via the Swiss Challenge Process. The NCLT allowed this. The Petitioner was declared the anchor bidder in the second Swiss Challenge Process with a bid of Rs.431 Crores. Respondent No.4 received a higher offer from Respondent No.5 and sought
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