The appeal challenges the order dated 11.12.2024 passed by the National Company Law Tribunal (NCLT), Principal Bench, which allowed IA No. 5745 of 2024 filed by the Liquidator seeking permission to sell the Corporate Debtor (CD), Essar Power (Jharkhand) Ltd., as a going concern through a private sale method. The Adjudicating Authority had allowed the application, leading to the current appeal.
1. Liquidation process commenced against Essar Power (Jharkhand) Ltd. on 03.01.2020, and a liquidator was appointed.
2. The liquidator initiated e-auction process for sale of the Corporate Debtor's (CD) assets, but only two residential units were sold after 21 e-auctions.
3. Orissa Alloy Steel Pvt. Ltd. (OASPL) submitted an offer dated 26.09.2024 to acquire the CD as a going concern, excluding assets at Kolkata Port Trust (KoPT), for Rs. 67 crores.
4. The Stakeholder's Consultation Committee (SCC) met on 30.09.2024 and directed the Liquidator to negotiate with OASPL to increase its offer.
5. On 01.10.2024, OASPL increased its offer to Rs. 73 crores and requested the Right of First Refusal (RoFR) if a Swiss Challenge Mechanism was adopted.
6. The SCC approved OASPL's revised
Sign in to view the parties.
Liquidation process…
Upto 18th e-auction…
The appeal challenges the order dated 11.12.2024 passed by the National Company Law Tribunal (NCLT), Principal Bench, which allowed IA No. 5745 of 2024 filed by the Liquidator seeking permission to sell the Corporate Debtor (CD), Essar Power (Jharkhand) Ltd., as a going concern through a private sale method. The Adjudicating Authority had allowed the application, leading to the current appeal.
1. Liquidation process commenced against Essar Power (Jharkhand) Ltd. on 03.01.2020, and a liquidator was appointed.
2. The liquidator initiated e-auction process for sale of the Corporate Debtor's (CD) assets, but only two residential units were sold after 21 e-auctions.
3. Orissa Alloy Steel Pvt. Ltd. (OASPL) submitted an offer dated 26.09.2024 to acquire the CD as a going concern, excluding assets at Kolkata Port Trust (KoPT), for Rs. 67 crores.
4. The Stakeholder's Consultation Committee (SCC) met on 30.09.2024 and directed the Liquidator to negotiate with OASPL to increase its offer.
5. On 01.10.2024, OASPL increased its offer to Rs. 73 crores and requested the Right of First Refusal (RoFR) if a Swiss Challenge Mechanism was adopted.
6. The SCC approved OASPL's revised
Liquidation process…
Upto 18th e-auction…