The case involves an application (IA 347 of 2020) filed in an ongoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The applicant, Himanshu Prafulchandra Varia (Suspended Management), sought directions from the NCLT to allow them to commence/reinitiate business operations until the company is sold as a going concern. The company is already under liquidation, initiated on August 7, 2019, due to the failure of resolution plans.
The corporate insolvency resolution process (CIRP) was initiated against Varia Engineering Works Pvt. Ltd. However, no viable resolution plan was approved, leading to a liquidation order dated August 7, 2019. Subsequently, Himanshu Prafulchandra Varia, the suspended management of the company, filed an application (IA 347 of 2020) seeking permission to resume business operations until the company is sold as a going concern. The application also requested the tribunal to direct the liquidator to sell/transfer the company as a going concern and to defer the segregated sale of the company's assets. The liquidator, Sunil Kumar Agarwal, is overseeing the liquidation process. The NCLT noted that the suspended management filed the application when the liquidation process was
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Order passed to liquidate Varia Engineering…
Order delivered on the application (IA 347 of…
The case involves an application (IA 347 of 2020) filed in an ongoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The applicant, Himanshu Prafulchandra Varia (Suspended Management), sought directions from the NCLT to allow them to commence/reinitiate business operations until the company is sold as a going concern. The company is already under liquidation, initiated on August 7, 2019, due to the failure of resolution plans.
The corporate insolvency resolution process (CIRP) was initiated against Varia Engineering Works Pvt. Ltd. However, no viable resolution plan was approved, leading to a liquidation order dated August 7, 2019. Subsequently, Himanshu Prafulchandra Varia, the suspended management of the company, filed an application (IA 347 of 2020) seeking permission to resume business operations until the company is sold as a going concern. The application also requested the tribunal to direct the liquidator to sell/transfer the company as a going concern and to defer the segregated sale of the company's assets. The liquidator, Sunil Kumar Agarwal, is overseeing the liquidation process. The NCLT noted that the suspended management filed the application when the liquidation process was
…Order passed to liquidate Varia Engineering…
Order delivered on the application (IA 347 of…