This case involves an application filed by UPL Limited, the applicant, seeking directions from the National Company Law Tribunal (NCLT), Mumbai, regarding an auction sale of assets belonging to S. Kumars Nationwide Limited, the corporate debtor, which is under liquidation. The applicant sought a waiver of interest demanded by the liquidator, OM Prakash Agrawal, on the balance sale consideration for the auctioned assets. The applicant contended that the delay in payment was due to the pending sub-division of the leasehold land by Gujarat Industrial Development Corporation (GIDC) and the lockdown imposed due to the COVID-19 pandemic. The liquidator, representing the corporate debtor, argued that the applicant was liable to pay interest as per the terms of the E-Auction
…S. Kumars Nationwide Limited was undergoing liquidation, with OM Prakash Agrawal appointed as the liquidator. The liquidator initiated an e-auction for the sale of the corporate debtor's assets, including a High Value Fine Cotton Fabric Manufacturing Unit at Bharuch, Gujarat. The assets were divided into Lot 1 and Lot 2, comprising leasehold and freehold land, factory buildings, plant and machinery, and other assets. UPL Limited emerged as the successful bidder for Lot 2, submitting a bid of Rs. 43.43 crores along with an Earnest Money Deposit (EMD) of Rs. 2.84 crores. The E-Auction Notice and E-Auction Memo specified that the leasehold land was subject to sub-division by GIDC. The applicant sought clarification regarding the payment of balance sale consideration and
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Respondent issued an E-Auction Notice for the…
Respondent issued an E-Auction Sale Process…
This case involves an application filed by UPL Limited, the applicant, seeking directions from the National Company Law Tribunal (NCLT), Mumbai, regarding an auction sale of assets belonging to S. Kumars Nationwide Limited, the corporate debtor, which is under liquidation. The applicant sought a waiver of interest demanded by the liquidator, OM Prakash Agrawal, on the balance sale consideration for the auctioned assets. The applicant contended that the delay in payment was due to the pending sub-division of the leasehold land by Gujarat Industrial Development Corporation (GIDC) and the lockdown imposed due to the COVID-19 pandemic. The liquidator, representing the corporate debtor, argued that the applicant was liable to pay interest as per the terms of the E-Auction
…S. Kumars Nationwide Limited was undergoing liquidation, with OM Prakash Agrawal appointed as the liquidator. The liquidator initiated an e-auction for the sale of the corporate debtor's assets, including a High Value Fine Cotton Fabric Manufacturing Unit at Bharuch, Gujarat. The assets were divided into Lot 1 and Lot 2, comprising leasehold and freehold land, factory buildings, plant and machinery, and other assets. UPL Limited emerged as the successful bidder for Lot 2, submitting a bid of Rs. 43.43 crores along with an Earnest Money Deposit (EMD) of Rs. 2.84 crores. The E-Auction Notice and E-Auction Memo specified that the leasehold land was subject to sub-division by GIDC. The applicant sought clarification regarding the payment of balance sale consideration and
…Respondent issued an E-Auction Notice for the…
Respondent issued an E-Auction Sale Process…