The case involves a dispute regarding the auction of twelve vessels belonging to a corporate debtor. An earlier auction process was initiated but became redundant due to unforeseen circumstances, including the Covid-19 situation and the early arrival of the monsoon. Greatship (India) Limited, an intending bidder, had previously raised objections to the auction process. The liquidator sought an equitable order to auction the vessels.
The liquidator of Tag Offshore Ltd. filed an application (IA-994/2020) seeking an order to auction vessels due to the Covid-19 situation and the arrival of the monsoon. An earlier auction process for twelve vessels of the corporate debtor became redundant. Greatship (India) Limited, an intending bidder, had previously objected to the auction by filing MA-75/2020. The NCLT had heard the matter and reserved it for orders. Greatship (India) Limited's counsel stated that they would not object to the liquidator proceeding with an e-auction, provided it is initiated in accordance with Schedule-1 of the Liquidation Process Regulations, 2016. The liquidator's counsel submitted that the dispute in MA-75/2020 would not affect the fresh auction process. The court considered the
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Greatship (India) Limited filed MA-75/2020…
NCLT heard the matter…
The case involves a dispute regarding the auction of twelve vessels belonging to a corporate debtor. An earlier auction process was initiated but became redundant due to unforeseen circumstances, including the Covid-19 situation and the early arrival of the monsoon. Greatship (India) Limited, an intending bidder, had previously raised objections to the auction process. The liquidator sought an equitable order to auction the vessels.
The liquidator of Tag Offshore Ltd. filed an application (IA-994/2020) seeking an order to auction vessels due to the Covid-19 situation and the arrival of the monsoon. An earlier auction process for twelve vessels of the corporate debtor became redundant. Greatship (India) Limited, an intending bidder, had previously objected to the auction by filing MA-75/2020. The NCLT had heard the matter and reserved it for orders. Greatship (India) Limited's counsel stated that they would not object to the liquidator proceeding with an e-auction, provided it is initiated in accordance with Schedule-1 of the Liquidation Process Regulations, 2016. The liquidator's counsel submitted that the dispute in MA-75/2020 would not affect the fresh auction process. The court considered the
…Greatship (India) Limited filed MA-75/2020…
NCLT heard the matter…