This case involves an appeal against an order dated 02.02.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, regarding IA(IB) 1079/KB/2020 in CP(IB) No.338/KB/2018. The appeal concerns the liability of the appellant, Cotton Casuals (India) Private Limited, to pay transfer fees to West Bengal Industrial Development Corporation Limited (WBIDC) in connection with the purchase of assets of Enfield Apparels Limited, a corporate debtor undergoing liquidation under the Insolvency and Bankruptcy Code (IBC). The liquidation proceedings were initiated, and an invitation for expression of interest was published. The appellant participated in the process and made a bid, which was accepted. However, disputes arose regarding the payment of
…Enfield Apparels Limited underwent liquidation under the IBC, leading to the appointment of a liquidator. An invitation for Expression of Interest was published on May 24, 2019, to find a buyer for the Corporate Debtor. Cotton Casuals (India) Private Limited (the Appellant) expressed interest and made a bid of Rs.15.50 crores, higher than the auction price of Rs.14.37 crores. The Adjudicating Authority directed the Appellant to deposit 25% of the bid amount on February 24, 2020. Subsequently, on March 12, 2020, the Adjudicating Authority accepted the Appellant's bid and directed the deposit of the entire amount. The Liquidator filed an application stating that transfer fee demanded is not applicable in the transfer by the Liquidator. The Appellant sought time to
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This case involves an appeal against an order dated 02.02.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, regarding IA(IB) 1079/KB/2020 in CP(IB) No.338/KB/2018. The appeal concerns the liability of the appellant, Cotton Casuals (India) Private Limited, to pay transfer fees to West Bengal Industrial Development Corporation Limited (WBIDC) in connection with the purchase of assets of Enfield Apparels Limited, a corporate debtor undergoing liquidation under the Insolvency and Bankruptcy Code (IBC). The liquidation proceedings were initiated, and an invitation for expression of interest was published. The appellant participated in the process and made a bid, which was accepted. However, disputes arose regarding the payment of
…Enfield Apparels Limited underwent liquidation under the IBC, leading to the appointment of a liquidator. An invitation for Expression of Interest was published on May 24, 2019, to find a buyer for the Corporate Debtor. Cotton Casuals (India) Private Limited (the Appellant) expressed interest and made a bid of Rs.15.50 crores, higher than the auction price of Rs.14.37 crores. The Adjudicating Authority directed the Appellant to deposit 25% of the bid amount on February 24, 2020. Subsequently, on March 12, 2020, the Adjudicating Authority accepted the Appellant's bid and directed the deposit of the entire amount. The Liquidator filed an application stating that transfer fee demanded is not applicable in the transfer by the Liquidator. The Appellant sought time to
…Company Petiti…
Invitation for Expression of Interest for…