Liberty Steel SBQ Limited, a successful auction bidder, filed IA/888/2020 seeking an extension of time to pay the bid amount for the acquisition of SBQ Steels Limited, which was undergoing liquidation. The e-auction was conducted, and Liberty Steel SBQ Limited emerged as the highest bidder. However, they faced delays in arranging funds due to the COVID-19 pandemic and requested an extension until December 31, 2020, which was rejected by the Liquidator. The Liquidator then cancelled the Letter of Intent and offered the bid to the next highest bidder, IMR Metallurgical Resources AG. Liberty Steel SBQ Limited filed an appeal before the NCLAT, which directed the NCLT to list the matter urgently. The case involves disputes over the terms of the auction, the impact of the
…SBQ Steels Limited was undergoing liquidation, with Ashish Arjun Kumar Rathi appointed as the Liquidator. The company had significant debts amounting to Rs.4592.99 Crore. Three e-auctions had previously failed to attract successful bidders. In the fourth e-auction, Liberty Steel SBQ Limited emerged as the highest bidder with a bid of Rs.262,45,00,000/- and provided a bank guarantee of Rs.16,40,00,000/-. The Liquidator issued a Letter of Intent to Liberty Steel SBQ Limited, requiring them to form a Special Purpose Vehicle (SPV). Liberty Steel SBQ Limited incorporated the SPV on September 16, 2020. The deadline for paying the bid amount was November 6, 2020. Liberty Steel SBQ Limited requested an extension of time until December 31, 2020, citing delays due to the
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Ashish Arjun Kumar…
The first e-auction was…
Liberty Steel SBQ Limited, a successful auction bidder, filed IA/888/2020 seeking an extension of time to pay the bid amount for the acquisition of SBQ Steels Limited, which was undergoing liquidation. The e-auction was conducted, and Liberty Steel SBQ Limited emerged as the highest bidder. However, they faced delays in arranging funds due to the COVID-19 pandemic and requested an extension until December 31, 2020, which was rejected by the Liquidator. The Liquidator then cancelled the Letter of Intent and offered the bid to the next highest bidder, IMR Metallurgical Resources AG. Liberty Steel SBQ Limited filed an appeal before the NCLAT, which directed the NCLT to list the matter urgently. The case involves disputes over the terms of the auction, the impact of the
…SBQ Steels Limited was undergoing liquidation, with Ashish Arjun Kumar Rathi appointed as the Liquidator. The company had significant debts amounting to Rs.4592.99 Crore. Three e-auctions had previously failed to attract successful bidders. In the fourth e-auction, Liberty Steel SBQ Limited emerged as the highest bidder with a bid of Rs.262,45,00,000/- and provided a bank guarantee of Rs.16,40,00,000/-. The Liquidator issued a Letter of Intent to Liberty Steel SBQ Limited, requiring them to form a Special Purpose Vehicle (SPV). Liberty Steel SBQ Limited incorporated the SPV on September 16, 2020. The deadline for paying the bid amount was November 6, 2020. Liberty Steel SBQ Limited requested an extension of time until December 31, 2020, citing delays due to the
…Ashish Arjun Kumar…
The first e-auction was…