The case involves an application (I.A. 4554/2023) filed by Mahaalaxmi Textile, the applicant and successful bidder, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking various reliefs related to the acquisition of Abhishek Corporation Ltd. as a going concern. The corporate debtor, Abhishek Corporation Ltd., was admitted into liquidation on 11.03.2019. Several e-auction notices were issued, and Mahaalaxmi Textile was declared the successful bidder on 13.09.2023. The applicant seeks reliefs and concessions to facilitate the smooth transfer and operation of the corporate debtor.
Mahaalaxmi Textile, a partnership firm in the textile business, participated in the e-auction for the sale of Abhishek Corporation Ltd., a corporate debtor undergoing liquidation. Abhishek Corporation Ltd. was admitted to liquidation on 11.03.2019. Mr. Ashish Mukund Chandak was initially appointed as the liquidator but was later replaced by Mr. Kshitiz Gupta due to health issues. Several e-auction notices were issued, and Mahaalaxmi Textile submitted the highest bid of Rs. 40.45 crores and was declared the successful bidder on 13.09.2023. The applicant paid 25% of the bid amount (Rs. 10,11,25,000/-). The applicant sought various reliefs and concessions to facilitate the transfer of ownership and operation of the corporate debtor as a going concern, including waivers on
…Sign in to view the parties.
Liquidation order was…
Mr. Ashish Mukund…
The case involves an application (I.A. 4554/2023) filed by Mahaalaxmi Textile, the applicant and successful bidder, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking various reliefs related to the acquisition of Abhishek Corporation Ltd. as a going concern. The corporate debtor, Abhishek Corporation Ltd., was admitted into liquidation on 11.03.2019. Several e-auction notices were issued, and Mahaalaxmi Textile was declared the successful bidder on 13.09.2023. The applicant seeks reliefs and concessions to facilitate the smooth transfer and operation of the corporate debtor.
Mahaalaxmi Textile, a partnership firm in the textile business, participated in the e-auction for the sale of Abhishek Corporation Ltd., a corporate debtor undergoing liquidation. Abhishek Corporation Ltd. was admitted to liquidation on 11.03.2019. Mr. Ashish Mukund Chandak was initially appointed as the liquidator but was later replaced by Mr. Kshitiz Gupta due to health issues. Several e-auction notices were issued, and Mahaalaxmi Textile submitted the highest bid of Rs. 40.45 crores and was declared the successful bidder on 13.09.2023. The applicant paid 25% of the bid amount (Rs. 10,11,25,000/-). The applicant sought various reliefs and concessions to facilitate the transfer of ownership and operation of the corporate debtor as a going concern, including waivers on
…Liquidation order was…
Mr. Ashish Mukund…