The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench. The appellant, Shyam Metalics and Energy Ltd., claims to have offered the highest amount (351 Crore) for the Jharsuguda Unit, Orissa, of the Corporate Debtor. The appellant alleges that the Liquidator did not consider this offer and may sell the asset without a stay order from the Adjudicating Authority. The Adjudicating Authority had adjourned the matter to January 20, 2020, and directed the appellant to submit a copy of the petition to the Liquidator.
Shyam Metalics and Energy Ltd. (Appellant) made an offer of 351 Crore for the Jharsuguda Unit, Orissa, of the Corporate Debtor. The Liquidator allegedly did not consider this offer. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, adjourned the matter to January 20, 2020, after noticing the Appellant's application. The Appellant was directed to submit a copy of the petition to the Liquidator. Respondent No.2 claims to be the highest bidder approved by the Liquidator, with a Letter of Intent already issued. The Appellant claims they did not participate earlier. The Adjudicating Authority is expected to pass a detailed reasoned order.
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The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench. The appellant, Shyam Metalics and Energy Ltd., claims to have offered the highest amount (351 Crore) for the Jharsuguda Unit, Orissa, of the Corporate Debtor. The appellant alleges that the Liquidator did not consider this offer and may sell the asset without a stay order from the Adjudicating Authority. The Adjudicating Authority had adjourned the matter to January 20, 2020, and directed the appellant to submit a copy of the petition to the Liquidator.
Shyam Metalics and Energy Ltd. (Appellant) made an offer of 351 Crore for the Jharsuguda Unit, Orissa, of the Corporate Debtor. The Liquidator allegedly did not consider this offer. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, adjourned the matter to January 20, 2020, after noticing the Appellant's application. The Appellant was directed to submit a copy of the petition to the Liquidator. Respondent No.2 claims to be the highest bidder approved by the Liquidator, with a Letter of Intent already issued. The Appellant claims they did not participate earlier. The Adjudicating Authority is expected to pass a detailed reasoned order.
The Adjudicating Authority (National Company…
The matter was…
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