The case pertains to M/s Regal Metal & Ferro Alloys as the petitioner and M/s SPM Auto Pvt. Ltd. as the respondent. The matter is under Section 9 of the IBC. The Learned Counsel for the Liquidator requested for 10 days' time. The Learned Counsel for the SIDBI submitted that the Auction Purchase Report has been filed and that an amount of Rs. 4,10,00,2000/- has been received as sale consideration. The liquidator is required to share all the stakeholders meeting has to be conducted. The liquidator has submitted that the other stakeholders also (Canara Bank and Corporation Bank) have to attend for the meeting.
M/s Regal Metal & Ferro Alloys initiated proceedings against M/s SPM Auto Pvt. Ltd. under Section 9 of the IBC. The Liquidator sought a 10-day extension to convene a stakeholder meeting to discuss the distribution of Rs. 4,10,00,2000/- received from the auction sale. SIDBI's counsel submitted the Auction Purchase Report. The other stakeholders, including Canara Bank and Corporation Bank, are required to attend the meeting. The relevance of the facts is to ensure proper distribution of funds received from the auction sale and to allow all stakeholders to participate in the decision-making process.
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The case pertains to M/s Regal Metal & Ferro Alloys as the petitioner and M/s SPM Auto Pvt. Ltd. as the respondent. The matter is under Section 9 of the IBC. The Learned Counsel for the Liquidator requested for 10 days' time. The Learned Counsel for the SIDBI submitted that the Auction Purchase Report has been filed and that an amount of Rs. 4,10,00,2000/- has been received as sale consideration. The liquidator is required to share all the stakeholders meeting has to be conducted. The liquidator has submitted that the other stakeholders also (Canara Bank and Corporation Bank) have to attend for the meeting.
M/s Regal Metal & Ferro Alloys initiated proceedings against M/s SPM Auto Pvt. Ltd. under Section 9 of the IBC. The Liquidator sought a 10-day extension to convene a stakeholder meeting to discuss the distribution of Rs. 4,10,00,2000/- received from the auction sale. SIDBI's counsel submitted the Auction Purchase Report. The other stakeholders, including Canara Bank and Corporation Bank, are required to attend the meeting. The relevance of the facts is to ensure proper distribution of funds received from the auction sale and to allow all stakeholders to participate in the decision-making process.
Order delive…
Matter posted…
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