The case arises from an application filed by the Liquidator under Section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, seeking directions from the Tribunal for police protection and assistance. The Corporate Insolvency Resolution Process (CIRP) was initiated against Excel Glasses Limited, and the application was admitted by the NCLT Chennai Bench. Liquidation proceedings were subsequently initiated, and a liquidator was appointed. The liquidator conducted an e-auction where Rajeswari Glass wares became the successful bidder for the assets of the Corporate Debtor. However, the ex-workmen of the Corporate Debtor obstructed the auction purchaser from taking possession of the assets.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Excel Glasses Limited, and the application was admitted by the NCLT Chennai Bench on 2019-03-26. Liquidation proceedings were initiated against the Corporate Debtor on 2019-10-21, and a liquidator, Shri Ravindra Chaturvedi, was appointed. The liquidator issued a public announcement inviting claims from creditors, with a submission deadline of 2019-11-20. Employees/workmen challenged the Liquidation Order before the Kerala High Court, which disposed of the petition, stating that grievances against the Liquidator's decisions are appealable under Section 42 of the Code. The liquidator conducted an e-auction, and Rajeswari Glass wares became the successful bidder for the assets. However, ex-workmen of
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The Application for Corporate Insolvency…
Liquidation Proceedings…
The case arises from an application filed by the Liquidator under Section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, seeking directions from the Tribunal for police protection and assistance. The Corporate Insolvency Resolution Process (CIRP) was initiated against Excel Glasses Limited, and the application was admitted by the NCLT Chennai Bench. Liquidation proceedings were subsequently initiated, and a liquidator was appointed. The liquidator conducted an e-auction where Rajeswari Glass wares became the successful bidder for the assets of the Corporate Debtor. However, the ex-workmen of the Corporate Debtor obstructed the auction purchaser from taking possession of the assets.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Excel Glasses Limited, and the application was admitted by the NCLT Chennai Bench on 2019-03-26. Liquidation proceedings were initiated against the Corporate Debtor on 2019-10-21, and a liquidator, Shri Ravindra Chaturvedi, was appointed. The liquidator issued a public announcement inviting claims from creditors, with a submission deadline of 2019-11-20. Employees/workmen challenged the Liquidation Order before the Kerala High Court, which disposed of the petition, stating that grievances against the Liquidator's decisions are appealable under Section 42 of the Code. The liquidator conducted an e-auction, and Rajeswari Glass wares became the successful bidder for the assets. However, ex-workmen of
…The Application for Corporate Insolvency…
Liquidation Proceedings…