The liquidator filed an application stating that they could not sell the entire assets of the company, except for two vehicles (motorcycle and scooter), in an e-auction held on December 24, 2018. Having failed to sell all the stock of the company in the auction, the liquidator, after discussing with the stakeholder (Indian Overseas Bank), appointed a valuer to value the assets of the company, which were valued at approximately ₹18,00,000.
The liquidator was unable to sell all assets of the company, except two vehicles, in an e-auction held on 2018-12-24. The liquidator consulted with Indian Overseas Bank, a stakeholder, and appointed a valuer. The assets were valued at approximately ₹18,00,000. The liquidator sought permission to sell the remaining stock either through a 'slump sale' or by selling assets in parcels to prevent further depreciation. The relevance of these facts lies in the need to liquidate the company's assets efficiently and prevent further loss of value.
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E-auction was held where the liquidator could…
The NCLT Chennai Bench allowed the liquidator's…
The liquidator filed an application stating that they could not sell the entire assets of the company, except for two vehicles (motorcycle and scooter), in an e-auction held on December 24, 2018. Having failed to sell all the stock of the company in the auction, the liquidator, after discussing with the stakeholder (Indian Overseas Bank), appointed a valuer to value the assets of the company, which were valued at approximately ₹18,00,000.
The liquidator was unable to sell all assets of the company, except two vehicles, in an e-auction held on 2018-12-24. The liquidator consulted with Indian Overseas Bank, a stakeholder, and appointed a valuer. The assets were valued at approximately ₹18,00,000. The liquidator sought permission to sell the remaining stock either through a 'slump sale' or by selling assets in parcels to prevent further depreciation. The relevance of these facts lies in the need to liquidate the company's assets efficiently and prevent further loss of value.
E-auction was held where the liquidator could…
The NCLT Chennai Bench allowed the liquidator's…