The case involves two company appeals against an order by the NCLT, Hyderabad, which denied an extension of time for completing a scheme of arrangement proposed by M/s. Prakash Oil Depot under Section 230 of the Companies Act, 2013, read with Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016.
The Corporate Debtor, M/s. Sarda Agro Oils Limited, was placed under liquidation by an order dated 09.01.2023.
The Adjudicating Authority excluded certain periods for determining the period prescribed under Regulation 2B.
The Appellants could not finalize and present the scheme of compromise/arrangement within 90 days from 31.07.2024.
A cheque for Rs.4.30 crores was submitted on 31.05.2024 towards Earnest Money Deposit.
The NCLT rejected the applications on 26.05.2025, citing contravention of Regulation 2B(1) of the IBBI (Liquidation Process) Regulations, 2016.
The Financial Creditors gave their consent to the proposed scheme on 22.04.2025.
The proposed scheme was approved by 100% of the secured creditors within the Stake Holder Consultation Committee (SCC).
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The Corporate Debtor,…
Scheme of arrangement proposed and submitted by…
The case involves two company appeals against an order by the NCLT, Hyderabad, which denied an extension of time for completing a scheme of arrangement proposed by M/s. Prakash Oil Depot under Section 230 of the Companies Act, 2013, read with Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016.
The Corporate Debtor, M/s. Sarda Agro Oils Limited, was placed under liquidation by an order dated 09.01.2023.
The Adjudicating Authority excluded certain periods for determining the period prescribed under Regulation 2B.
The Appellants could not finalize and present the scheme of compromise/arrangement within 90 days from 31.07.2024.
A cheque for Rs.4.30 crores was submitted on 31.05.2024 towards Earnest Money Deposit.
The NCLT rejected the applications on 26.05.2025, citing contravention of Regulation 2B(1) of the IBBI (Liquidation Process) Regulations, 2016.
The Financial Creditors gave their consent to the proposed scheme on 22.04.2025.
The proposed scheme was approved by 100% of the secured creditors within the Stake Holder Consultation Committee (SCC).
The Corporate Debtor,…
Scheme of arrangement proposed and submitted by…