The case involves an application (I.A. No. 4388 of 2023) filed by the liquidator, Ms. Rekha Shah, of Adya Oils and Chemicals Ltd., seeking directions against Stressed Assets Stabilisation Fund under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016. The liquidator sought clarification on an interim stay granted in I.A. 883 of 2022. The core issue revolves around the auction of assets, specifically land blocks 77 & 79 and a building in block 83, and whether the auction should be cancelled, completed, or deferred given the interim orders passed by the tribunal.
Ms. Rekha Shah, the liquidator of Adya Oils and Chemicals Ltd., filed I.A. No. 4388 of 2023 seeking directions regarding the auction of assets. The liquidator had initiated the auction of land blocks 77 & 79 and a building in block 83. The auction for the building received a bid of Rs. 19 Lakhs, exceeding the reserve price of Rs. 18 Lakhs. The liquidator sought clarification on the interim stay granted in I.A. 883 of 2022, which had restrained the liquidator from taking any action. The tribunal had passed several interim orders, but there were periods without specific dated bound orders for continuation. The respondent contended that the liquidator was in contempt of court. The applicant relied on a Supreme Court order stating that interim stays expire after six
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Corporate Insolvency…
Sale of building…
The case involves an application (I.A. No. 4388 of 2023) filed by the liquidator, Ms. Rekha Shah, of Adya Oils and Chemicals Ltd., seeking directions against Stressed Assets Stabilisation Fund under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016. The liquidator sought clarification on an interim stay granted in I.A. 883 of 2022. The core issue revolves around the auction of assets, specifically land blocks 77 & 79 and a building in block 83, and whether the auction should be cancelled, completed, or deferred given the interim orders passed by the tribunal.
Ms. Rekha Shah, the liquidator of Adya Oils and Chemicals Ltd., filed I.A. No. 4388 of 2023 seeking directions regarding the auction of assets. The liquidator had initiated the auction of land blocks 77 & 79 and a building in block 83. The auction for the building received a bid of Rs. 19 Lakhs, exceeding the reserve price of Rs. 18 Lakhs. The liquidator sought clarification on the interim stay granted in I.A. 883 of 2022, which had restrained the liquidator from taking any action. The tribunal had passed several interim orders, but there were periods without specific dated bound orders for continuation. The respondent contended that the liquidator was in contempt of court. The applicant relied on a Supreme Court order stating that interim stays expire after six
…Corporate Insolvency…
Sale of building…