The case involves an application (MA/576/2019) filed by Ajay Agarwal, claiming to be the Promoter/Director of Ashok Magnetics Limited, which is under liquidation. Agarwal sought an interim injunction against the sale of the corporate debtor's assets by the liquidator until a scheme of compromise is approved. CP/551(IB)/CB/2017 was filed under Section 7 of the I&B Code by Central Bank of India and State Bank of India against Ashok Magnetics Limited, which was admitted on 04.09.2017. The CIRP was initiated, and V. Nagarajan was appointed as the Interim Resolution Professional (IRP), later replaced by RP after the first CoC meeting on 19.10.2017. The applicant moved MA/478/2018 seeking direction to the RP and CoC to reconsider their rejection of the resolution plan.
…Ajay Agarwal, claiming to be the Promoter/Director of Ashok Magnetics Limited, filed MA/576/2019 seeking an interim injunction against the sale of the corporate debtor's assets by the liquidator. Ashok Magnetics Limited is under liquidation. CP/551(IB)/CB/2017 was initiated by Central Bank of India and State Bank of India under Section 7 of the I&B Code. The CIRP was initiated on 04.09.2017, and V. Nagarajan was appointed as IRP. The applicant had previously moved MA/478/2018 seeking reconsideration of the rejected resolution plan, which was rejected on 09.11.2018, leading to a liquidation order. The NCLAT granted liberty to the applicant to file a Scheme of Compromise. The proposed Scheme of Compromise offers Rs. 19 Crores against the liquidation value of Rs.9.55
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CP/551(IB)/CB/2017 filed by Central Bank of…
The first meeting of…
The case involves an application (MA/576/2019) filed by Ajay Agarwal, claiming to be the Promoter/Director of Ashok Magnetics Limited, which is under liquidation. Agarwal sought an interim injunction against the sale of the corporate debtor's assets by the liquidator until a scheme of compromise is approved. CP/551(IB)/CB/2017 was filed under Section 7 of the I&B Code by Central Bank of India and State Bank of India against Ashok Magnetics Limited, which was admitted on 04.09.2017. The CIRP was initiated, and V. Nagarajan was appointed as the Interim Resolution Professional (IRP), later replaced by RP after the first CoC meeting on 19.10.2017. The applicant moved MA/478/2018 seeking direction to the RP and CoC to reconsider their rejection of the resolution plan.
…Ajay Agarwal, claiming to be the Promoter/Director of Ashok Magnetics Limited, filed MA/576/2019 seeking an interim injunction against the sale of the corporate debtor's assets by the liquidator. Ashok Magnetics Limited is under liquidation. CP/551(IB)/CB/2017 was initiated by Central Bank of India and State Bank of India under Section 7 of the I&B Code. The CIRP was initiated on 04.09.2017, and V. Nagarajan was appointed as IRP. The applicant had previously moved MA/478/2018 seeking reconsideration of the rejected resolution plan, which was rejected on 09.11.2018, leading to a liquidation order. The NCLAT granted liberty to the applicant to file a Scheme of Compromise. The proposed Scheme of Compromise offers Rs. 19 Crores against the liquidation value of Rs.9.55
…CP/551(IB)/CB/2017 filed by Central Bank of…
The first meeting of…