The case involves an application (IA 1059/2023) filed by the successful bidders of Chadalavada Infratech Limited/Corporate Debtor under Section 60(5)(c) of the Insolvency & Bankruptcy Code 2016, seeking certain reliefs to kickstart the business of the Corporate Debtor. The Tribunal had previously ordered liquidation of the Corporate Debtor on 11.04.2022 and appointed a Liquidator. The Liquidator issued a sale notice dated 25.12.2022, and an e-auction was held on 06.01.2023, where the Consortium of RVR Enterprises, Jasti Venkat Rao, and Ch. Rama Krishna were declared successful bidders. The Liquidator issued a Letter of Intent (LOI) on 07.01.2023, and the applicants requested certain reliefs and concessions from the Tribunal via letter dated 07.04.2023, leading to
…The Corporate Debtor, Chadalavada Infratech Ltd, underwent liquidation, and a Liquidator was appointed on 11.04.2022. A sale notice was issued on 25.12.2022, leading to an e-auction on 06.01.2023. The Consortium of RVR Enterprises, Jasti Venkat Rao, and Ch. Rama Krishna emerged as the successful bidders with a reserve price of Rs. 80 lakhs. A Letter of Intent (LOI) was issued on 07.01.2023, outlining payment terms, including a 25% initial payment and the balance sale consideration. The total sale consideration with interest amounted to Rs. 80,81,789/-, and a sale certificate was issued on 06.04.2023. The successful bidders then requested certain reliefs and concessions from the Tribunal to kickstart the business, leading to the filing of IA No. 1059/2023. The
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Tribunal passed an…
Issue of sale notice for the sale of the…
The case involves an application (IA 1059/2023) filed by the successful bidders of Chadalavada Infratech Limited/Corporate Debtor under Section 60(5)(c) of the Insolvency & Bankruptcy Code 2016, seeking certain reliefs to kickstart the business of the Corporate Debtor. The Tribunal had previously ordered liquidation of the Corporate Debtor on 11.04.2022 and appointed a Liquidator. The Liquidator issued a sale notice dated 25.12.2022, and an e-auction was held on 06.01.2023, where the Consortium of RVR Enterprises, Jasti Venkat Rao, and Ch. Rama Krishna were declared successful bidders. The Liquidator issued a Letter of Intent (LOI) on 07.01.2023, and the applicants requested certain reliefs and concessions from the Tribunal via letter dated 07.04.2023, leading to
…The Corporate Debtor, Chadalavada Infratech Ltd, underwent liquidation, and a Liquidator was appointed on 11.04.2022. A sale notice was issued on 25.12.2022, leading to an e-auction on 06.01.2023. The Consortium of RVR Enterprises, Jasti Venkat Rao, and Ch. Rama Krishna emerged as the successful bidders with a reserve price of Rs. 80 lakhs. A Letter of Intent (LOI) was issued on 07.01.2023, outlining payment terms, including a 25% initial payment and the balance sale consideration. The total sale consideration with interest amounted to Rs. 80,81,789/-, and a sale certificate was issued on 06.04.2023. The successful bidders then requested certain reliefs and concessions from the Tribunal to kickstart the business, leading to the filing of IA No. 1059/2023. The
…Tribunal passed an…
Issue of sale notice for the sale of the…