The case involves an MA filed by the Liquidator of M/s. Rathna Stores Private Limited under Section 35(1)(f) of the Insolvency & Bankruptcy Code, 2016, seeking permission to conduct a private sale of the company's property. The liquidator was unable to find a bidder through two e-auctions, leading to the application for private sale permission. The reserve price for the e-auction was set at ₹31 Crores. Two proposed purchasers, M/s. Kalyan Silks and M/s. Accord Hotel, raised issues relating to income-tax attachment and deficiencies of documents, and did not participate in the bidding.
M/s. Rathna Stores Private Limited is undergoing liquidation. The liquidator, V. Venkata Sivakumar, filed an MA seeking permission to conduct a private sale of the company's property under Section 35(1)(f) of the Insolvency & Bankruptcy Code, 2016. Two e-auctions were conducted, but no bidders participated due to issues raised by proposed purchasers regarding income-tax attachment and document deficiencies. The reserve price for the e-auctions was ₹31 Crores. Mr. Maharajan of Velavan Stores agreed to purchase the property for ₹27.60 Crores and advanced ₹2.76 Crores. The liquidator entered into an agreement of sale with Velavan Stores without prior permission from the court. The proposed sale price represents 86% of the reserve price. The liquidator consulted with
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The case involves an MA filed by the Liquidator of M/s. Rathna Stores Private Limited under Section 35(1)(f) of the Insolvency & Bankruptcy Code, 2016, seeking permission to conduct a private sale of the company's property. The liquidator was unable to find a bidder through two e-auctions, leading to the application for private sale permission. The reserve price for the e-auction was set at ₹31 Crores. Two proposed purchasers, M/s. Kalyan Silks and M/s. Accord Hotel, raised issues relating to income-tax attachment and deficiencies of documents, and did not participate in the bidding.
M/s. Rathna Stores Private Limited is undergoing liquidation. The liquidator, V. Venkata Sivakumar, filed an MA seeking permission to conduct a private sale of the company's property under Section 35(1)(f) of the Insolvency & Bankruptcy Code, 2016. Two e-auctions were conducted, but no bidders participated due to issues raised by proposed purchasers regarding income-tax attachment and document deficiencies. The reserve price for the e-auctions was ₹31 Crores. Mr. Maharajan of Velavan Stores agreed to purchase the property for ₹27.60 Crores and advanced ₹2.76 Crores. The liquidator entered into an agreement of sale with Velavan Stores without prior permission from the court. The proposed sale price represents 86% of the reserve price. The liquidator consulted with
…Liquidator issued a public announcement of…
Fixed e-auction date as…