The application was filed by the Liquidator, Vijender Sharma, regarding the ongoing liquidation process of the corporate debtor, SPM Auto Private Limited. The liquidation order of the corporate debtor was passed by the Adjudicating Authority on 25.09.2018, and the applicant was appointed as Liquidator vide order dated 12.10.2018. The applicant/Liquidator filed the present application seeking directions on several issues related to the distribution of CIRP and liquidation costs, the applicability of IBBI regulations, and the calculation of the liquidator's fees.
M/s Regal Metal & Ferro Alloys initiated liquidation proceedings against SPM Auto Pvt. Ltd. Vijender Sharma was appointed as the liquidator. The liquidation order was passed on 25.09.2018. The liquidator filed an application seeking directions on several issues. SIDBI, Canara Bank, Corporation Bank, and Mahindra & Mahindra Financial Services Limited were the respondents. SIDBI raised objections regarding the distribution of liquidation costs and the applicability of Regulation 2A of IBBI regulations. Corporation Bank objected to bearing the liquidation cost incurred after the date of realization of their property. The liquidator sought clarification on whether the period of dispute with SIDBI should be excluded when calculating the liquidator's fees. The
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The Adjudicating…
Vijender Shar…
The application was filed by the Liquidator, Vijender Sharma, regarding the ongoing liquidation process of the corporate debtor, SPM Auto Private Limited. The liquidation order of the corporate debtor was passed by the Adjudicating Authority on 25.09.2018, and the applicant was appointed as Liquidator vide order dated 12.10.2018. The applicant/Liquidator filed the present application seeking directions on several issues related to the distribution of CIRP and liquidation costs, the applicability of IBBI regulations, and the calculation of the liquidator's fees.
M/s Regal Metal & Ferro Alloys initiated liquidation proceedings against SPM Auto Pvt. Ltd. Vijender Sharma was appointed as the liquidator. The liquidation order was passed on 25.09.2018. The liquidator filed an application seeking directions on several issues. SIDBI, Canara Bank, Corporation Bank, and Mahindra & Mahindra Financial Services Limited were the respondents. SIDBI raised objections regarding the distribution of liquidation costs and the applicability of Regulation 2A of IBBI regulations. Corporation Bank objected to bearing the liquidation cost incurred after the date of realization of their property. The liquidator sought clarification on whether the period of dispute with SIDBI should be excluded when calculating the liquidator's fees. The
…The Adjudicating…
Vijender Shar…