This case involves an appeal against an order dated 16th September 2020, passed by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, in I.A. No. 1490 of 2020 in CP(IB) No.-590(PB)/2018. The I.A. was filed by the Liquidator seeking closure of the Liquidation Process as per Regulation 45(3)(a) of IBBI Liquidation Process Regulations, 2016, because the ‘Corporate Debtor’ was being sold as a going concern in an e-Auction held on 20.11.2019, with Mr. Vijay Verma as the highest bidder. The Adjudicating Authority dismissed the I.A., leading to the current appeal.
M/s. Mohan Gems & Jewels Private Limited was undergoing liquidation. Debashish Nanda was the liquidator. An e-auction was held on 20.11.2019 to sell the Corporate Debtor as a going concern. Vijay Verma emerged as the highest bidder with a bid price of Rs. 4,51,99,713/-. The Liquidator filed I.A. No. 1490 of 2020 seeking closure of the liquidation process as per Regulation 45(3)(a) of IBBI Liquidation Process Regulations, 2016. The Adjudicating Authority dismissed the I.A., stating that the CIRP Regulation appears to rewrite IBC without amendment to the Code. The Adjudicating Authority also stated that the CIRP process is separate and the liquidation process is separate. The Liquidator then filed an appeal before the NCLAT challenging the NCLT's order. The entire
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The initial Corporate…
An e-Auction was held…
This case involves an appeal against an order dated 16th September 2020, passed by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, in I.A. No. 1490 of 2020 in CP(IB) No.-590(PB)/2018. The I.A. was filed by the Liquidator seeking closure of the Liquidation Process as per Regulation 45(3)(a) of IBBI Liquidation Process Regulations, 2016, because the ‘Corporate Debtor’ was being sold as a going concern in an e-Auction held on 20.11.2019, with Mr. Vijay Verma as the highest bidder. The Adjudicating Authority dismissed the I.A., leading to the current appeal.
M/s. Mohan Gems & Jewels Private Limited was undergoing liquidation. Debashish Nanda was the liquidator. An e-auction was held on 20.11.2019 to sell the Corporate Debtor as a going concern. Vijay Verma emerged as the highest bidder with a bid price of Rs. 4,51,99,713/-. The Liquidator filed I.A. No. 1490 of 2020 seeking closure of the liquidation process as per Regulation 45(3)(a) of IBBI Liquidation Process Regulations, 2016. The Adjudicating Authority dismissed the I.A., stating that the CIRP Regulation appears to rewrite IBC without amendment to the Code. The Adjudicating Authority also stated that the CIRP process is separate and the liquidation process is separate. The Liquidator then filed an appeal before the NCLAT challenging the NCLT's order. The entire
…The initial Corporate…
An e-Auction was held…