The case involves a challenge to a provisional attachment order issued by the Directorate of Enforcement (Respondent No. 1) against assets acquired by the Petitioners. ABG Shipyard Limited (the corporate debtor) was undergoing liquidation under the Insolvency and Bankruptcy Code, 2016 (IBC). The Petitioners were successful bidders for specified assets of ABG Shipyard in a sale process conducted under the orders of the Apex Court. After the Petitioners paid the entire sale consideration, the Directorate of Enforcement attached the assets, alleging that the loans raised by ABG Shipyard were transferred to group companies and used for purposes other than intended, leading to circular transactions and overseas investments. The Petitioners contend that the attachment is
…ABG Shipyard Limited, the corporate debtor, was in the business of ship building in Dahej, Gujarat. ICICI Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the Corporate Debtor, which was admitted by the National Company Law Tribunal, Ahmedabad (NCLT). An Interim Resolution Professional (IRP) was appointed and later confirmed as RP. The Corporate Insolvency Resolution Process (CIRP) was unsuccessful, and the corporate debtor was ordered to be liquidated on 2019-04-25. The NCLT passed an order on 2021-08-16 permitting the liquidator to complete the sale of assets. The liquidator issued a bid document for the sale of specified assets of ABG Shipyard on 2021-08-24. The petitioners submitted their expression of interest on
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The Insolven…
The NCLT ordered the…
The case involves a challenge to a provisional attachment order issued by the Directorate of Enforcement (Respondent No. 1) against assets acquired by the Petitioners. ABG Shipyard Limited (the corporate debtor) was undergoing liquidation under the Insolvency and Bankruptcy Code, 2016 (IBC). The Petitioners were successful bidders for specified assets of ABG Shipyard in a sale process conducted under the orders of the Apex Court. After the Petitioners paid the entire sale consideration, the Directorate of Enforcement attached the assets, alleging that the loans raised by ABG Shipyard were transferred to group companies and used for purposes other than intended, leading to circular transactions and overseas investments. The Petitioners contend that the attachment is
…ABG Shipyard Limited, the corporate debtor, was in the business of ship building in Dahej, Gujarat. ICICI Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the Corporate Debtor, which was admitted by the National Company Law Tribunal, Ahmedabad (NCLT). An Interim Resolution Professional (IRP) was appointed and later confirmed as RP. The Corporate Insolvency Resolution Process (CIRP) was unsuccessful, and the corporate debtor was ordered to be liquidated on 2019-04-25. The NCLT passed an order on 2021-08-16 permitting the liquidator to complete the sale of assets. The liquidator issued a bid document for the sale of specified assets of ABG Shipyard on 2021-08-24. The petitioners submitted their expression of interest on
…The Insolven…
The NCLT ordered the…