The case involves an application filed by the Liquidator for Shashi Oils and Fats Pvt. Ltd. under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the dissolution of the Corporate Debtor. The Adjudicating Authority had previously passed an order for the liquidation of the Corporate Debtor on 21.01.2020, following which a public announcement was made. The applicant also informed the ROC, Kanpur, and various statutory authorities about the initiation of the liquidation proceedings. A sole secured creditor, ASREC (India) Ltd., had submitted a proposal for a One-Time Settlement (OTS), which later failed. The applicant received claims from both secured and unsecured creditors, formed a stakeholders Consultation Committee (SCC), and proceeded with the
…On 21.01.2020, the Adjudicating Authority ordered the liquidation of Shashi Oils and Fats Pvt. Ltd. Following this, a public announcement was made on 25.01.2020. ASREC (India) Ltd., the sole secured creditor, initially proposed a One-Time Settlement (OTS), but this proposal failed. The liquidator received claims from both secured and unsecured creditors, including Mr. Sanjay Agarwal, an unsecured Operational Creditor. A stakeholders Consultation Committee (SCC) was formed within 60 days of the liquidation commencement date. The first meeting of the SCC was held on 11.08.2020, where it was decided to put the Corporate Debtor's assets up for e-auction at a reserve price of Rs. 3.75 Crores. HAS Traders emerged as the successful bidder with a bid of Rs. 3.758 crores. A
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The case involves an application filed by the Liquidator for Shashi Oils and Fats Pvt. Ltd. under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the dissolution of the Corporate Debtor. The Adjudicating Authority had previously passed an order for the liquidation of the Corporate Debtor on 21.01.2020, following which a public announcement was made. The applicant also informed the ROC, Kanpur, and various statutory authorities about the initiation of the liquidation proceedings. A sole secured creditor, ASREC (India) Ltd., had submitted a proposal for a One-Time Settlement (OTS), which later failed. The applicant received claims from both secured and unsecured creditors, formed a stakeholders Consultation Committee (SCC), and proceeded with the
…On 21.01.2020, the Adjudicating Authority ordered the liquidation of Shashi Oils and Fats Pvt. Ltd. Following this, a public announcement was made on 25.01.2020. ASREC (India) Ltd., the sole secured creditor, initially proposed a One-Time Settlement (OTS), but this proposal failed. The liquidator received claims from both secured and unsecured creditors, including Mr. Sanjay Agarwal, an unsecured Operational Creditor. A stakeholders Consultation Committee (SCC) was formed within 60 days of the liquidation commencement date. The first meeting of the SCC was held on 11.08.2020, where it was decided to put the Corporate Debtor's assets up for e-auction at a reserve price of Rs. 3.75 Crores. HAS Traders emerged as the successful bidder with a bid of Rs. 3.758 crores. A
…Adjudicating Authority…
Public announcement…
Sign in to view related legal provisions.