The Interlocutory Application 632/2023 was filed in C.P. No. 1499 (MB)/C-III/2017 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant, Mr. Kshitiz Gupta, the liquidator of Abhishek Corporation Limited, sought to fix his remuneration. The corporate insolvency resolution process (CIRP) was initiated against Abhishek Corporation Limited following a petition filed by an operational creditor. The resolution plan was not approved, leading to the liquidation of the corporate debtor. Mr. Ashish Mukund Chandak was initially appointed as the liquidator but failed to take charge, and Mr. Kshitiz Gupta was subsequently appointed. The liquidation process faced challenges, including appeals to the NCLAT and the Supreme Court, which temporarily halted and
…The case involves the liquidation of Abhishek Corporation Limited, initiated after the failure of the resolution plan under the Insolvency and Bankruptcy Code, 2016. Mr. Kshitiz Gupta was appointed as the liquidator. The liquidation process faced multiple legal challenges, including appeals to the NCLAT and the Supreme Court, which temporarily stayed the process. Despite these challenges, the liquidator continued to manage the corporate debtor as a going concern, maintaining operations and generating revenue. The corporate debtor was eventually sold as a going concern to Mahalaxmi Textile for Rs. 40,45,00,000/-. The successful bidder deposited the entire sum of the sale proceeds together with interest @ 12% amounting to a total sum of Rs. 41,04,85,000/- to the
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Company Petition 1499 (MB)/2017 filed by an…
Tribunal admitted the petition under section 9…
The Interlocutory Application 632/2023 was filed in C.P. No. 1499 (MB)/C-III/2017 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant, Mr. Kshitiz Gupta, the liquidator of Abhishek Corporation Limited, sought to fix his remuneration. The corporate insolvency resolution process (CIRP) was initiated against Abhishek Corporation Limited following a petition filed by an operational creditor. The resolution plan was not approved, leading to the liquidation of the corporate debtor. Mr. Ashish Mukund Chandak was initially appointed as the liquidator but failed to take charge, and Mr. Kshitiz Gupta was subsequently appointed. The liquidation process faced challenges, including appeals to the NCLAT and the Supreme Court, which temporarily halted and
…The case involves the liquidation of Abhishek Corporation Limited, initiated after the failure of the resolution plan under the Insolvency and Bankruptcy Code, 2016. Mr. Kshitiz Gupta was appointed as the liquidator. The liquidation process faced multiple legal challenges, including appeals to the NCLAT and the Supreme Court, which temporarily stayed the process. Despite these challenges, the liquidator continued to manage the corporate debtor as a going concern, maintaining operations and generating revenue. The corporate debtor was eventually sold as a going concern to Mahalaxmi Textile for Rs. 40,45,00,000/-. The successful bidder deposited the entire sum of the sale proceeds together with interest @ 12% amounting to a total sum of Rs. 41,04,85,000/- to the
…Company Petition 1499 (MB)/2017 filed by an…
Tribunal admitted the petition under section 9…