The case involves two appeals filed by the same appellant, a suspended director of the corporate debtor, challenging orders dated 27.02.2024 and 15.07.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The CIRP against the Corporate Debtor, Trans Fab Power India Pvt. Ltd., commenced on 30.08.2019. The appellant submitted a resolution plan which was approved on 25.03.2021, but the appellant failed to execute the plan, leading to the CoC deciding to liquidate the Corporate Debtor. An order for liquidation was passed on 28.06.2023. An e-auction notice was issued, and S.M. Electric Works participated and was declared the successful bidder on 27.10.2023. A letter of intent was issued on 30.10.2023. The successful bidder paid 25% of the
…The Corporate Debtor, Trans Fab Power India Pvt. Ltd., underwent CIRP commencing on 30.08.2019. Rajabhau Shinde, the suspended director, submitted a resolution plan approved on 25.03.2021, but failed to execute it. Consequently, the CoC decided to liquidate the Corporate Debtor, and an order for liquidation was passed on 28.06.2023. An e-auction was conducted, where S.M. Electric Works emerged as the successful bidder on 27.10.2023 with a bid of Rs.6,05,91,998/-. A letter of intent was issued on 30.10.2023. The bidder paid 25% of the bid amount by 25.01.2024, but failed to pay the remaining 75% by 28.01.2024. The bidder requested an extension, which the SCC denied, citing a lack of provision for extension. The liquidator returned the paid amount and issued a re-auction
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CIRP against Trans Fab…
Resolution plan…
The case involves two appeals filed by the same appellant, a suspended director of the corporate debtor, challenging orders dated 27.02.2024 and 15.07.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The CIRP against the Corporate Debtor, Trans Fab Power India Pvt. Ltd., commenced on 30.08.2019. The appellant submitted a resolution plan which was approved on 25.03.2021, but the appellant failed to execute the plan, leading to the CoC deciding to liquidate the Corporate Debtor. An order for liquidation was passed on 28.06.2023. An e-auction notice was issued, and S.M. Electric Works participated and was declared the successful bidder on 27.10.2023. A letter of intent was issued on 30.10.2023. The successful bidder paid 25% of the
…The Corporate Debtor, Trans Fab Power India Pvt. Ltd., underwent CIRP commencing on 30.08.2019. Rajabhau Shinde, the suspended director, submitted a resolution plan approved on 25.03.2021, but failed to execute it. Consequently, the CoC decided to liquidate the Corporate Debtor, and an order for liquidation was passed on 28.06.2023. An e-auction was conducted, where S.M. Electric Works emerged as the successful bidder on 27.10.2023 with a bid of Rs.6,05,91,998/-. A letter of intent was issued on 30.10.2023. The bidder paid 25% of the bid amount by 25.01.2024, but failed to pay the remaining 75% by 28.01.2024. The bidder requested an extension, which the SCC denied, citing a lack of provision for extension. The liquidator returned the paid amount and issued a re-auction
…CIRP against Trans Fab…
Resolution plan…