This case involves two appeals against an order dated 29.10.2021 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which rejected I.A. No. 1012/2021 filed by the Liquidator for confirmation of the auction sale of Lot No. 1 and Lot No. 2 and directed the Liquidator to issue a fresh e-Auction Sale Notice. The appellants, Jain International Trade Organisation and Hitesh Vasantlal Bhanushali, were the successful auction purchasers for Lot No. 2 and Lot No. 1, respectively, in an e-Auction held on 26th February, 2021. The NCLT's order was based on the view that the amended Liquidation Regulations, specifically Schedule I, Clause 12, as amended by Notification dated 25th July, 2019, was not complied with regarding the e-Auction. The liquidation process was
…The National Company Law Tribunal (NCLT), Mumbai Bench, passed an order on 29.10.2021 rejecting I.A. No. 1012/2021 filed by the Liquidator for confirmation of the auction sale of Lot No. 1 and Lot No. 2. The NCLT directed the Liquidator to issue a fresh e-Auction Sale Notice. Jain International Trade Organisation submitted its bid for Lot No. 2, while Hitesh Vasantlal Bhanushali submitted his bid for Lot No. 1. The e-Auction Sale was held on 26th February, 2021. The NCLT allowed an application filed under Section 33 of the Code and passed an order directing for liquidation of the Corporate Debtor-‘M/s. P&S Jewellery Limited' on 30th July, 2018. The Liquidator issued e-Auction Sale Notices for e-Auction to be held on 05th December, 2019, 21st January, 2020, and 11th
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National Company Law Tribunal, Mumbai Bench…
Liquidator issued…
This case involves two appeals against an order dated 29.10.2021 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which rejected I.A. No. 1012/2021 filed by the Liquidator for confirmation of the auction sale of Lot No. 1 and Lot No. 2 and directed the Liquidator to issue a fresh e-Auction Sale Notice. The appellants, Jain International Trade Organisation and Hitesh Vasantlal Bhanushali, were the successful auction purchasers for Lot No. 2 and Lot No. 1, respectively, in an e-Auction held on 26th February, 2021. The NCLT's order was based on the view that the amended Liquidation Regulations, specifically Schedule I, Clause 12, as amended by Notification dated 25th July, 2019, was not complied with regarding the e-Auction. The liquidation process was
…The National Company Law Tribunal (NCLT), Mumbai Bench, passed an order on 29.10.2021 rejecting I.A. No. 1012/2021 filed by the Liquidator for confirmation of the auction sale of Lot No. 1 and Lot No. 2. The NCLT directed the Liquidator to issue a fresh e-Auction Sale Notice. Jain International Trade Organisation submitted its bid for Lot No. 2, while Hitesh Vasantlal Bhanushali submitted his bid for Lot No. 1. The e-Auction Sale was held on 26th February, 2021. The NCLT allowed an application filed under Section 33 of the Code and passed an order directing for liquidation of the Corporate Debtor-‘M/s. P&S Jewellery Limited' on 30th July, 2018. The Liquidator issued e-Auction Sale Notices for e-Auction to be held on 05th December, 2019, 21st January, 2020, and 11th
…National Company Law Tribunal, Mumbai Bench…
Liquidator issued…