The liquidator filed an application seeking closure of the liquidation process under Regulation 45(3)(a) of the IBBI Liquidation Process Regulations, 2016. The corporate debtor was sold as a going concern in an e-auction held on 20.11.2019, with Mr. Vijay Verma declared the highest bidder at Rs.4,51,99,713. The corporate debtor, a jewellery shop, was sold during liquidation after no expression of interest was received following an Invitation of Interest. The liquidator sought closure to allow the highest bidder, along with another, to become directors, reduce paid-up capital to Rs.4.50 Crores, and treat Rs.1,99,737 as an unsecured loan. The redrawn share capital, reserves, and share premium were to comply with the Companies Act.
The Liquidator filed an application seeking closure of the Liquidation Process as per Regulation 45(3) (a) of IBBI Liquidation Process Regulations, 2016. The Corporate Debtor, a jewellery shop, was sold as a going concern in an E-auction held on 20.11.2019, with Mr. Vijay Verma declared the highest bidder at a bid price of Rs.4,51,99,713. After admission of the case, no expression of interest was received following an Invitation of Interest published by the RP. The RP, at the instance of the CoC, obtained a liquidation order from the Bench. During liquidation, an E-Auction notice was published to sell the corporate Debtor as a going concern. The liquidator sought closure of the liquidation process so that the highest bidder, along with another, will become directors,
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Company Petit…
E-auction held where…
The liquidator filed an application seeking closure of the liquidation process under Regulation 45(3)(a) of the IBBI Liquidation Process Regulations, 2016. The corporate debtor was sold as a going concern in an e-auction held on 20.11.2019, with Mr. Vijay Verma declared the highest bidder at Rs.4,51,99,713. The corporate debtor, a jewellery shop, was sold during liquidation after no expression of interest was received following an Invitation of Interest. The liquidator sought closure to allow the highest bidder, along with another, to become directors, reduce paid-up capital to Rs.4.50 Crores, and treat Rs.1,99,737 as an unsecured loan. The redrawn share capital, reserves, and share premium were to comply with the Companies Act.
The Liquidator filed an application seeking closure of the Liquidation Process as per Regulation 45(3) (a) of IBBI Liquidation Process Regulations, 2016. The Corporate Debtor, a jewellery shop, was sold as a going concern in an E-auction held on 20.11.2019, with Mr. Vijay Verma declared the highest bidder at a bid price of Rs.4,51,99,713. After admission of the case, no expression of interest was received following an Invitation of Interest published by the RP. The RP, at the instance of the CoC, obtained a liquidation order from the Bench. During liquidation, an E-Auction notice was published to sell the corporate Debtor as a going concern. The liquidator sought closure of the liquidation process so that the highest bidder, along with another, will become directors,
…Company Petit…
E-auction held where…