The appeal was filed against an order passed by the Adjudicating Authority on 2024-06-18 regarding I.A. No.1687/KB/2023 filed by the Liquidator. The Appellant was declared the successful bidder following a public announcement on 2022-09-29. The Appellant filed I.A. No.240/KB/2024 for reliefs and concessions, which was allowed on 2024-05-10. The Adjudicating Authority reserved its decision on the dissolution application on 2024-01-04 and subsequently allowed it on 2024-06-18. The Appellant claims they were not made a party to the dissolution application and the Adjudicating Authority was not aware of the earlier order granting reliefs and concessions.
ASL Enterprises Ltd. (Appellant) was declared the successful bidder in the liquidation proceeding of the Corporate Debtor, following a public announcement on 2022-09-29. Subsequently, the Appellant filed I.A. No.240/KB/2024 seeking reliefs and concessions, which was allowed by the Adjudicating Authority on 2024-05-10. The Liquidator filed I.A. for dissolution of the Corporate Debtor. The Adjudicating Authority reserved the order on the dissolution application on 2024-01-04 and allowed it on 2024-06-18. The Appellant claims they were not made a party to the dissolution application and that the Adjudicating Authority was unaware of the earlier order granting reliefs and concessions. The Appellant had deposited the entire sale consideration and received a possession
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The appeal was filed against an order passed by the Adjudicating Authority on 2024-06-18 regarding I.A. No.1687/KB/2023 filed by the Liquidator. The Appellant was declared the successful bidder following a public announcement on 2022-09-29. The Appellant filed I.A. No.240/KB/2024 for reliefs and concessions, which was allowed on 2024-05-10. The Adjudicating Authority reserved its decision on the dissolution application on 2024-01-04 and subsequently allowed it on 2024-06-18. The Appellant claims they were not made a party to the dissolution application and the Adjudicating Authority was not aware of the earlier order granting reliefs and concessions.
ASL Enterprises Ltd. (Appellant) was declared the successful bidder in the liquidation proceeding of the Corporate Debtor, following a public announcement on 2022-09-29. Subsequently, the Appellant filed I.A. No.240/KB/2024 seeking reliefs and concessions, which was allowed by the Adjudicating Authority on 2024-05-10. The Liquidator filed I.A. for dissolution of the Corporate Debtor. The Adjudicating Authority reserved the order on the dissolution application on 2024-01-04 and allowed it on 2024-06-18. The Appellant claims they were not made a party to the dissolution application and that the Adjudicating Authority was unaware of the earlier order granting reliefs and concessions. The Appellant had deposited the entire sale consideration and received a possession
…Public announcement…
Sale notice referred to…
Sign in to view related legal provisions.