The application was filed by the Liquidator under Section 60(5)(c) of the IBC 2016, read with Regulation 33(1) and Schedule I of the IBBI (Liquidation Process) Regulations, 2016, seeking permission to conduct the auction of the assets of the Corporate Debtor by reducing the reserve price by 10% each time as each subsequent auction fails. The Adjudicating Authority ordered liquidation of the corporate debtor on 2018-03-23 and appointed Mr. Arun Gupta as the liquidator on 2018-04-09. The liquidator constituted a monitoring committee and issued a sale notice along with a public announcement dated 2018-09-27 for the first auction held on 2018-10-31. One major immovable asset remains unsold after 11 auctions. The liquidator also published a notice for inviting EOI in
…The Corporate Debtor, M/s LML Limited, is undergoing liquidation. The liquidator, Arun Gupta, filed an application seeking permission to reduce the reserve price for the auction of the Corporate Debtor's assets. The liquidation process was initiated prior to 2019-07-25. The liquidator has been unable to sell one major immovable asset despite conducting 11 auctions. The liquidator also invited Expression of Interest (EOI) for the land and building, but no EOI was received. The liquidator argues that amendments to the IBBI (Liquidation Process) Regulations 2016, which allow for a greater reduction in the reserve price, are not applicable to this case because the liquidation process commenced before the effective date of the amendments. The Adjudicating Authority had
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The application was filed by the Liquidator under Section 60(5)(c) of the IBC 2016, read with Regulation 33(1) and Schedule I of the IBBI (Liquidation Process) Regulations, 2016, seeking permission to conduct the auction of the assets of the Corporate Debtor by reducing the reserve price by 10% each time as each subsequent auction fails. The Adjudicating Authority ordered liquidation of the corporate debtor on 2018-03-23 and appointed Mr. Arun Gupta as the liquidator on 2018-04-09. The liquidator constituted a monitoring committee and issued a sale notice along with a public announcement dated 2018-09-27 for the first auction held on 2018-10-31. One major immovable asset remains unsold after 11 auctions. The liquidator also published a notice for inviting EOI in
…The Corporate Debtor, M/s LML Limited, is undergoing liquidation. The liquidator, Arun Gupta, filed an application seeking permission to reduce the reserve price for the auction of the Corporate Debtor's assets. The liquidation process was initiated prior to 2019-07-25. The liquidator has been unable to sell one major immovable asset despite conducting 11 auctions. The liquidator also invited Expression of Interest (EOI) for the land and building, but no EOI was received. The liquidator argues that amendments to the IBBI (Liquidation Process) Regulations 2016, which allow for a greater reduction in the reserve price, are not applicable to this case because the liquidation process commenced before the effective date of the amendments. The Adjudicating Authority had
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Mr. Arun…