The applicant, a successful purchaser of the corporate debtor, filed an application seeking various reliefs including directions to the liquidator and municipal authorities to assist in procuring licenses and extinguishing pre-acquisition tax dues, to enable the corporate debtor to continue operations as a going concern.
The corporate debtor was ordered into liquidation on June 19, 2019, and subsequently sold as a going concern under Regulation 32A of the IBBI (Liquidation Process) Regulations 2016. An MoU between the liquidator and the applicant, granting operational control to the successful auction purchaser, was approved on August 13, 2021. This allowed the applicant to commence operations while the full sale consideration was being deposited, in view of the corporate debtor's pending projects.
…The corporate debtor…
The Adjudicating Authority approved the…
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The applicant, a successful purchaser of the corporate debtor, filed an application seeking various reliefs including directions to the liquidator and municipal authorities to assist in procuring licenses and extinguishing pre-acquisition tax dues, to enable the corporate debtor to continue operations as a going concern.
The corporate debtor was ordered into liquidation on June 19, 2019, and subsequently sold as a going concern under Regulation 32A of the IBBI (Liquidation Process) Regulations 2016. An MoU between the liquidator and the applicant, granting operational control to the successful auction purchaser, was approved on August 13, 2021. This allowed the applicant to commence operations while the full sale consideration was being deposited, in view of the corporate debtor's pending projects.
…The corporate debtor…
The Adjudicating Authority approved the…
Sign in to view related legal provisions.