The case involves an appeal against an order dated 09 August 2021, passed by the Adjudicating Authority/National Company Law Tribunal, Principal Bench, New Delhi, dismissing IA No. 3377 of 2021. The appellant, Standard Surfa Chem India Pvt. Ltd., was the successful auction purchaser of the Pondicherry unit of Advanced Surfactants India Ltd., the corporate debtor. The appellant sought an extension of time to complete the auction process due to the Covid-19 lockdown and related difficulties in securing a loan. The Adjudicating Authority dismissed the application, leading to the present appeal.
Standard Surfa Chem India Pvt. Ltd. (Appellant) was the successful auction purchaser of the Pondicherry unit of Advanced Surfactants India Ltd. (Corporate Debtor). The auction was conducted as an E-Auction. The Appellant emerged as the successful bidder with a bid of ₹ 3.3 crores. The Liquidator issued a letter of intent on 5 March 2021, stipulating a 90-day timeline for full payment. The 90-day period was to expire on 3 June 2021. The Appellant filed IA number 3377 of 2021 on 25 May 2021, seeking an extension of time due to difficulties caused by the Covid-19 lockdown in Tamil Nadu, which began on 10 May 2021 and continued until 3 July 2021. The Appellant was unable to ensure a listing of its application before the NCLT until August 2021. The NCLT dismissed the IA,
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The case involves an appeal against an order dated 09 August 2021, passed by the Adjudicating Authority/National Company Law Tribunal, Principal Bench, New Delhi, dismissing IA No. 3377 of 2021. The appellant, Standard Surfa Chem India Pvt. Ltd., was the successful auction purchaser of the Pondicherry unit of Advanced Surfactants India Ltd., the corporate debtor. The appellant sought an extension of time to complete the auction process due to the Covid-19 lockdown and related difficulties in securing a loan. The Adjudicating Authority dismissed the application, leading to the present appeal.
Standard Surfa Chem India Pvt. Ltd. (Appellant) was the successful auction purchaser of the Pondicherry unit of Advanced Surfactants India Ltd. (Corporate Debtor). The auction was conducted as an E-Auction. The Appellant emerged as the successful bidder with a bid of ₹ 3.3 crores. The Liquidator issued a letter of intent on 5 March 2021, stipulating a 90-day timeline for full payment. The 90-day period was to expire on 3 June 2021. The Appellant filed IA number 3377 of 2021 on 25 May 2021, seeking an extension of time due to difficulties caused by the Covid-19 lockdown in Tamil Nadu, which began on 10 May 2021 and continued until 3 July 2021. The Appellant was unable to ensure a listing of its application before the NCLT until August 2021. The NCLT dismissed the IA,
…Liquidator issued a…
Lockdown imposed in…
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