The State Bank of India, as the financial creditor, filed an appeal against the impugned orders passed by the National Company Law Tribunal (NCLT), Kolkata Bench, concerning the liquidation of Impex Metal & Ferro Alloys Limited. The NCLT had directed the liquidator to accept a bid from Sova Electrocasting Limited, Typhoon Financial Services Limited, and Sonar Bangla Career Academy Private Limited, despite an earlier successful bid by Maithan Alloys Limited. The appellant contended that the NCLT's intervention in the public auction was erroneous and that Maithan Alloys Limited should be directed to complete the sale transaction.
The State Bank of India (SBI), acting as the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Impex Metal & Ferro Alloys Limited. After the failure of CIRP, NCLT directed the liquidation of the Corporate Debtor. The liquidator initiated an e-auction for the sale of the Corporate Debtor as a going concern. Maithan Alloys Limited (R-1) emerged as the successful bidder in the e-auction, offering Rs. 68 Cr and depositing 25% of the total price. Subsequently, Respondents 2 to 4 (R-2 to R-4) formed a consortium and challenged the e-auction, offering a higher price of Rs. 70 Cr. The NCLT directed the liquidator to accept the bid of R-2 to R-4, allowing Maithan Alloys Limited to withdraw from the process and refunding their deposit. SBI,
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The Appellant had granted credit facility/loans…
Section 7 of the IBC was admitted by NCLT and…
The State Bank of India, as the financial creditor, filed an appeal against the impugned orders passed by the National Company Law Tribunal (NCLT), Kolkata Bench, concerning the liquidation of Impex Metal & Ferro Alloys Limited. The NCLT had directed the liquidator to accept a bid from Sova Electrocasting Limited, Typhoon Financial Services Limited, and Sonar Bangla Career Academy Private Limited, despite an earlier successful bid by Maithan Alloys Limited. The appellant contended that the NCLT's intervention in the public auction was erroneous and that Maithan Alloys Limited should be directed to complete the sale transaction.
The State Bank of India (SBI), acting as the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Impex Metal & Ferro Alloys Limited. After the failure of CIRP, NCLT directed the liquidation of the Corporate Debtor. The liquidator initiated an e-auction for the sale of the Corporate Debtor as a going concern. Maithan Alloys Limited (R-1) emerged as the successful bidder in the e-auction, offering Rs. 68 Cr and depositing 25% of the total price. Subsequently, Respondents 2 to 4 (R-2 to R-4) formed a consortium and challenged the e-auction, offering a higher price of Rs. 70 Cr. The NCLT directed the liquidator to accept the bid of R-2 to R-4, allowing Maithan Alloys Limited to withdraw from the process and refunding their deposit. SBI,
…The Appellant had granted credit facility/loans…
Section 7 of the IBC was admitted by NCLT and…