The application MA/576/2019 was filed by Ajay Agarwal, the Promoter/Director of the Corporate Debtor, Ashok Magnetics Limited, which is under liquidation. The applicant sought an interim injunction against the sale of the Corporate Debtor's assets by the Liquidator until a scheme of compromise is approved, and a direction to the Liquidator to submit a Scheme of Compromise/Arrangement under Section 230 of the Companies Act, 2013. CP/551(IB)/CB/2017 was filed under Section 7 of the I&B Code, 2016 by financial creditors Central Bank of India and State Bank of India against Ashok Magnetics Limited. The CIRP was initiated, and V. Nagarajan was appointed as the Interim Resolution Professional (IRP), later replaced by RP. The Applicant moved an Application MA/478/2018
…Ajay Agarwal, the Promoter/Director of Ashok Magnetics Limited, filed MA/576/2019 seeking an interim injunction against the sale of the Corporate Debtor's assets and a direction to the Liquidator to submit a Scheme of Compromise/Arrangement under Section 230 of the Companies Act, 2013. CP/551(IB)/CB/2017 was filed by Central Bank of India and State Bank of India against Ashok Magnetics Limited, leading to the initiation of CIRP and the appointment of V. Nagarajan as IRP. The Applicant's resolution plan was rejected, leading to an order of liquidation. The NCLAT granted liberty to the Applicant to file the Scheme of Compromise or Arrangements. The Applicant submitted a revised Scheme offering Rs. 19 Crores against the liquidation value of Rs.9.55 Crores. The Liquidator
…Sign in to view the parties.
The Authority admitted CP/551(IB)/CB/2017 and…
In the 1st Meeting of…
The application MA/576/2019 was filed by Ajay Agarwal, the Promoter/Director of the Corporate Debtor, Ashok Magnetics Limited, which is under liquidation. The applicant sought an interim injunction against the sale of the Corporate Debtor's assets by the Liquidator until a scheme of compromise is approved, and a direction to the Liquidator to submit a Scheme of Compromise/Arrangement under Section 230 of the Companies Act, 2013. CP/551(IB)/CB/2017 was filed under Section 7 of the I&B Code, 2016 by financial creditors Central Bank of India and State Bank of India against Ashok Magnetics Limited. The CIRP was initiated, and V. Nagarajan was appointed as the Interim Resolution Professional (IRP), later replaced by RP. The Applicant moved an Application MA/478/2018
…Ajay Agarwal, the Promoter/Director of Ashok Magnetics Limited, filed MA/576/2019 seeking an interim injunction against the sale of the Corporate Debtor's assets and a direction to the Liquidator to submit a Scheme of Compromise/Arrangement under Section 230 of the Companies Act, 2013. CP/551(IB)/CB/2017 was filed by Central Bank of India and State Bank of India against Ashok Magnetics Limited, leading to the initiation of CIRP and the appointment of V. Nagarajan as IRP. The Applicant's resolution plan was rejected, leading to an order of liquidation. The NCLAT granted liberty to the Applicant to file the Scheme of Compromise or Arrangements. The Applicant submitted a revised Scheme offering Rs. 19 Crores against the liquidation value of Rs.9.55 Crores. The Liquidator
…The Authority admitted CP/551(IB)/CB/2017 and…
In the 1st Meeting of…