Sunrise Industries filed an appeal against an order dismissing its application to consider an enhanced offer submitted during the auction process/NRRA assignment process. The application also sought to set aside the acceptance of the offer of Respondent No.3.
Hema Automotive Private Limited was admitted into CIRP on 08.07.2022.
The Corporate Debtor's primary asset was a leasehold industrial plot in Neemrana, Rajasthan.
The lease granted by RIICO was cancelled on 29.11.2022 during CIRP.
Liquidation proceedings were initiated on 11.04.2023, and Respondent No.1 was appointed as Liquidator.
The Liquidator attempted to sell the asset through e-auction, which failed.
The Stakeholders' Consultation Committee (SCC) resolved to explore assignment of the asset as a Not Readily Realisable Asset (NRRA).
The Appellant submitted an EOI with an EMD of Rs.1.0 Crore and was declared a qualified bidder.
The Appellant submitted an enhanced offer of 11.10 Crores via email after the sealed offers were opened but before the SCC meeting concluded.
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Hema Automotive…
The lease granted by…
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Sunrise Industries filed an appeal against an order dismissing its application to consider an enhanced offer submitted during the auction process/NRRA assignment process. The application also sought to set aside the acceptance of the offer of Respondent No.3.
Hema Automotive Private Limited was admitted into CIRP on 08.07.2022.
The Corporate Debtor's primary asset was a leasehold industrial plot in Neemrana, Rajasthan.
The lease granted by RIICO was cancelled on 29.11.2022 during CIRP.
Liquidation proceedings were initiated on 11.04.2023, and Respondent No.1 was appointed as Liquidator.
The Liquidator attempted to sell the asset through e-auction, which failed.
The Stakeholders' Consultation Committee (SCC) resolved to explore assignment of the asset as a Not Readily Realisable Asset (NRRA).
The Appellant submitted an EOI with an EMD of Rs.1.0 Crore and was declared a qualified bidder.
The Appellant submitted an enhanced offer of 11.10 Crores via email after the sealed offers were opened but before the SCC meeting concluded.
…Hema Automotive…
The lease granted by…
Sign in to view related legal provisions.