The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), New Delhi, which rejected the plea of the Appellant, the Liquidator of Narmada Cereal Pvt. Ltd. (the Corporate Debtor), to allow the sub-lease of the Corporate Debtor's factory to M/s Maa Yashoda Food Grains. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 07.12.2020, and subsequently, a liquidation order was passed on 04.01.2022, appointing Mr. Prabhat Jain as the Liquidator. The Appellant sought permission to sell the Corporate Debtor as a going concern, but faced challenges, including the rejection of a compromise arrangement proposed by an ex-director and show-cause notices from MP Industrial Development Corporation
…The Corporate Debtor, Narmada Cereal Pvt. Ltd., underwent CIRP initiated on 07.12.2020, followed by a liquidation order on 04.01.2022, appointing Prabhat Jain as Liquidator. The Liquidator sought to sell the Corporate Debtor as a going concern and sub-leased the factory to M/s Maa Yashoda Food Grains on 04.11.2022 for 11 months to reduce expenses, as Muskaan Overseas, a job worker, had left, causing significant electricity costs. MP Industrial Development Corporation Limited (MPIDCL), the lessor, issued show-cause notices to the Liquidator for violating lease terms, specifically Clause 23, which required 60 days to remedy breaches, while MPIDCL only provided 15 days. The Liquidator filed IA No. 1208 of 2023 seeking continuation of the sub-lease, but the Adjudicating
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Corporate Insolvency…
Liquidation order passed against Narmada Cereal…
The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), New Delhi, which rejected the plea of the Appellant, the Liquidator of Narmada Cereal Pvt. Ltd. (the Corporate Debtor), to allow the sub-lease of the Corporate Debtor's factory to M/s Maa Yashoda Food Grains. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 07.12.2020, and subsequently, a liquidation order was passed on 04.01.2022, appointing Mr. Prabhat Jain as the Liquidator. The Appellant sought permission to sell the Corporate Debtor as a going concern, but faced challenges, including the rejection of a compromise arrangement proposed by an ex-director and show-cause notices from MP Industrial Development Corporation
…The Corporate Debtor, Narmada Cereal Pvt. Ltd., underwent CIRP initiated on 07.12.2020, followed by a liquidation order on 04.01.2022, appointing Prabhat Jain as Liquidator. The Liquidator sought to sell the Corporate Debtor as a going concern and sub-leased the factory to M/s Maa Yashoda Food Grains on 04.11.2022 for 11 months to reduce expenses, as Muskaan Overseas, a job worker, had left, causing significant electricity costs. MP Industrial Development Corporation Limited (MPIDCL), the lessor, issued show-cause notices to the Liquidator for violating lease terms, specifically Clause 23, which required 60 days to remedy breaches, while MPIDCL only provided 15 days. The Liquidator filed IA No. 1208 of 2023 seeking continuation of the sub-lease, but the Adjudicating
…Corporate Insolvency…
Liquidation order passed against Narmada Cereal…