The case involves an application (M.A. No. 3902/2019) filed in connection with a corporate insolvency resolution process (CIRP) against Facor Steels Limited (Corporate Debtor) under C.P. (IB) No. 18/NCLT/MB/2017. The liquidator of Facor Steels Limited sought permission from the NCLT to sell the assets of the Corporate Debtor through a private contract to R.C. Plasto Tanks and Pipes Private Limited for Rs. 15 Crores, excluding taxes, stamp duty, and cess. Vidarbha Iron and Steel Corporation Limited (VISCO), a guarantor to the lenders of the Corporate Debtor, had mortgaged its land to the Corporate Debtor, and the Corporate Debtor constructed a factory structure on this land. VISCO's resolution plan, submitted by R.C. Plasto, was approved earlier. The assets of VISCO and
…Facor Steels Limited is undergoing liquidation under the Insolvency and Bankruptcy Code, 2016. CS Sunil G Nanal is the liquidator. The liquidator filed an application (M.A. No. 3902/2019) seeking permission to sell the assets of Facor Steels Limited through a private contract to R.C. Plasto Tanks and Pipes Private Limited for Rs. 15 Crores. Vidarbha Iron and Steel Corporation Limited (VISCO) is a guarantor to the lenders of Facor Steels Limited and had mortgaged its land to Facor Steels Limited. Facor Steels Limited constructed a factory structure on the leased land. VISCO's resolution plan, submitted by R.C. Plasto, was approved earlier. The assets of VISCO and Facor Steels Limited are difficult to segregate. Secured creditors of Facor Steels Limited agreed to the
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Corporate Insolvency…
Petition under Section…
The case involves an application (M.A. No. 3902/2019) filed in connection with a corporate insolvency resolution process (CIRP) against Facor Steels Limited (Corporate Debtor) under C.P. (IB) No. 18/NCLT/MB/2017. The liquidator of Facor Steels Limited sought permission from the NCLT to sell the assets of the Corporate Debtor through a private contract to R.C. Plasto Tanks and Pipes Private Limited for Rs. 15 Crores, excluding taxes, stamp duty, and cess. Vidarbha Iron and Steel Corporation Limited (VISCO), a guarantor to the lenders of the Corporate Debtor, had mortgaged its land to the Corporate Debtor, and the Corporate Debtor constructed a factory structure on this land. VISCO's resolution plan, submitted by R.C. Plasto, was approved earlier. The assets of VISCO and
…Facor Steels Limited is undergoing liquidation under the Insolvency and Bankruptcy Code, 2016. CS Sunil G Nanal is the liquidator. The liquidator filed an application (M.A. No. 3902/2019) seeking permission to sell the assets of Facor Steels Limited through a private contract to R.C. Plasto Tanks and Pipes Private Limited for Rs. 15 Crores. Vidarbha Iron and Steel Corporation Limited (VISCO) is a guarantor to the lenders of Facor Steels Limited and had mortgaged its land to Facor Steels Limited. Facor Steels Limited constructed a factory structure on the leased land. VISCO's resolution plan, submitted by R.C. Plasto, was approved earlier. The assets of VISCO and Facor Steels Limited are difficult to segregate. Secured creditors of Facor Steels Limited agreed to the
…Corporate Insolvency…
Petition under Section…