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, was admitted into liquidation on 11.03.2019. Multiple e-auction notices were issued, and Mahaalaxmi Textile was declared the successful bidder on 13.09.2023 after submitting the highest bid. The applicant seeks concessions and reliefs to facilitate the smooth transfer and operation of the corporate debtor.
Mahaalaxmi Textile, a partnership firm engaged in the textile business, participated in the e-auction for the sale of Abhishek Corporation Ltd., a corporate debtor in liquidation. Abhishek Corporation was admitted to liquidation on 11.03.2019. Mr. Ashish Mukund Chandak was initially appointed as liquidator, but was later replaced by Mr. Kshitiz Gupta due to health issues. Several e-auction notices were published, and Mahaalaxmi Textile emerged as the successful bidder on 13.09.2023 with a bid of Rs. 40.45 crores. The applicant has paid 25% of the bid amount (Rs. 10,11,25,000/-). The applicant seeks various reliefs and concessions to facilitate the transfer of ownership and operation of Abhishek Corporation as a going concern, including waivers of past liabilities,
…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, was admitted into liquidation on 11.03.2019. Multiple e-auction notices were issued, and Mahaalaxmi Textile was declared the successful bidder on 13.09.2023 after submitting the highest bid. The applicant seeks concessions and reliefs to facilitate the smooth transfer and operation of the corporate debtor.
Mahaalaxmi Textile, a partnership firm engaged in the textile business, participated in the e-auction for the sale of Abhishek Corporation Ltd., a corporate debtor in liquidation. Abhishek Corporation was admitted to liquidation on 11.03.2019. Mr. Ashish Mukund Chandak was initially appointed as liquidator, but was later replaced by Mr. Kshitiz Gupta due to health issues. Several e-auction notices were published, and Mahaalaxmi Textile emerged as the successful bidder on 13.09.2023 with a bid of Rs. 40.45 crores. The applicant has paid 25% of the bid amount (Rs. 10,11,25,000/-). The applicant seeks various reliefs and concessions to facilitate the transfer of ownership and operation of Abhishek Corporation as a going concern, including waivers of past liabilities,
…Liquidation order was…
Mr. Ashish Mukund…