The case involves an application (IA/174/2022) filed in CP/511/IB/2017 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, concerning Cethar Limited. CIRP was initiated on 2017-06-16. The applicant, Asset Reconstruction Company (India) Ltd., sought to record a Joint Compromise Memo dated 2022-02-14 entered into between the parties. Liquidation was ordered on 2018-04-25 after no resolution plan was approved. The applicant is a secured creditor with a mortgage on property at Boothagudi and Melapachagudi Village. The applicant initiated a sale of the property, and Winwind Power Energy Pvt. Ltd. emerged as the highest bidder. Disputes arose, leading to the Joint Compromise Memo, which was initially filed before NCLAT.
Asset Reconstruction Company (India) Ltd. (ARCIL), acting as a trustee, initiated proceedings concerning Cethar Limited, the Corporate Debtor. CIRP was initiated on 2017-06-16, and after no resolution plan was approved, liquidation was ordered on 2018-04-25. ARCIL, a secured creditor, had a mortgage on Cethar Limited's property. ARCIL initiated a sale of the property, and Winwind Power Energy Pvt. Ltd. emerged as the highest bidder with a bid of Rs.62,02,00,000/-. Disputes arose, leading to the filing of multiple applications and challenges to orders. To resolve these disputes and maximize the value of the Corporate Debtor's assets, ARCIL, the respondents, and Cethar Limited entered into a Joint Compromise Memo dated 2022-02-14. This memo was initially filed before
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CIRP initiated in…
Liquidation of the…
The case involves an application (IA/174/2022) filed in CP/511/IB/2017 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, concerning Cethar Limited. CIRP was initiated on 2017-06-16. The applicant, Asset Reconstruction Company (India) Ltd., sought to record a Joint Compromise Memo dated 2022-02-14 entered into between the parties. Liquidation was ordered on 2018-04-25 after no resolution plan was approved. The applicant is a secured creditor with a mortgage on property at Boothagudi and Melapachagudi Village. The applicant initiated a sale of the property, and Winwind Power Energy Pvt. Ltd. emerged as the highest bidder. Disputes arose, leading to the Joint Compromise Memo, which was initially filed before NCLAT.
Asset Reconstruction Company (India) Ltd. (ARCIL), acting as a trustee, initiated proceedings concerning Cethar Limited, the Corporate Debtor. CIRP was initiated on 2017-06-16, and after no resolution plan was approved, liquidation was ordered on 2018-04-25. ARCIL, a secured creditor, had a mortgage on Cethar Limited's property. ARCIL initiated a sale of the property, and Winwind Power Energy Pvt. Ltd. emerged as the highest bidder with a bid of Rs.62,02,00,000/-. Disputes arose, leading to the filing of multiple applications and challenges to orders. To resolve these disputes and maximize the value of the Corporate Debtor's assets, ARCIL, the respondents, and Cethar Limited entered into a Joint Compromise Memo dated 2022-02-14. This memo was initially filed before
…CIRP initiated in…
Liquidation of the…