The application IA 671 of 2021 is filed in CP(IB) 37 of 2017, seeking correction/modification in the findings related to the sale of the Corporate Debtor, PSL Limited, as a going concern. The existing findings pertained to the approval of the sale of the Corporate Debtor as a going concern for a consideration of Rs. 425.50 Crores plus net Current Operations Liabilities (Cap upto Rs. 25 lakh). It also addressed the extinguishment of existing share capital held by promoters/their associate concerns and non-public shareholders, maintaining public shareholding as per SEBI/IBBI guidelines.
Lucky Holdings Private Limited filed an application (IA 671 of 2021) seeking correction/modification in the findings related to the sale of PSL Limited, the Corporate Debtor, as a going concern. The initial findings approved the sale for Rs. 425.50 Crores plus net Current Operations Liabilities (Cap upto Rs. 25 lakh). The findings also addressed the extinguishment of existing share capital held by promoters/their associate concerns and non-public shareholders, while maintaining public shareholding as per SEBI/IBBI guidelines. The applicant sought modifications to these findings. The court considered the submissions and modified the findings, approving the sale and specifying that 95% shareholding of the Corporate Debtor will be held by the successful auction bidder,
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CP(IB) 37 of 2…
Date of Hea…
The application IA 671 of 2021 is filed in CP(IB) 37 of 2017, seeking correction/modification in the findings related to the sale of the Corporate Debtor, PSL Limited, as a going concern. The existing findings pertained to the approval of the sale of the Corporate Debtor as a going concern for a consideration of Rs. 425.50 Crores plus net Current Operations Liabilities (Cap upto Rs. 25 lakh). It also addressed the extinguishment of existing share capital held by promoters/their associate concerns and non-public shareholders, maintaining public shareholding as per SEBI/IBBI guidelines.
Lucky Holdings Private Limited filed an application (IA 671 of 2021) seeking correction/modification in the findings related to the sale of PSL Limited, the Corporate Debtor, as a going concern. The initial findings approved the sale for Rs. 425.50 Crores plus net Current Operations Liabilities (Cap upto Rs. 25 lakh). The findings also addressed the extinguishment of existing share capital held by promoters/their associate concerns and non-public shareholders, while maintaining public shareholding as per SEBI/IBBI guidelines. The applicant sought modifications to these findings. The court considered the submissions and modified the findings, approving the sale and specifying that 95% shareholding of the Corporate Debtor will be held by the successful auction bidder,
…CP(IB) 37 of 2…
Date of Hea…