The case pertains to an application filed under section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016, by Mr. Shailesh Bhalchandra Desai, the Liquidator of EMI Transmission Limited, the Corporate Debtor. The application seeks the closure of the liquidation process. The Corporate Debtor's CIRP was initiated on 11.04.2019, and Mr. Desai was appointed as the Interim Resolution Professional, later confirmed as the Resolution Professional. The CoC rejected the Resolution Plan on 06.01.2020, leading to the filing of a Liquidation Application, which was approved on 14.08.2020, appointing the Applicant as Liquidator.
The Corporate Debtor, EMI Transmission Limited, underwent CIRP initiated on 11.04.2019. The resolution plan was rejected by the CoC on 06.01.2020, leading to a liquidation order on 14.08.2020, with Mr. Shailesh Bhalchandra Desai appointed as Liquidator. The Liquidator made a public announcement on 19.08.2020, inviting claims from stakeholders. Thirty-four e-auction processes were conducted between 19.10.2020 and 19.10.2022. The Corporate Debtor was sold as a going concern to L7 Hitech Private Limited for Rs. 6.60 Crores, with a sale certificate issued on 18.11.2022. L7 Hitech Private Limited filed IA 315 of 2023, which was disposed of on 08.12.2023. The SCC members finalized the pursuit of avoidance transactions with Bank of Baroda as the lead bank. The liquidation
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The Petition (CP(IB)2660(MB)/2018) was…
The CoC rejec…
The case pertains to an application filed under section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016, by Mr. Shailesh Bhalchandra Desai, the Liquidator of EMI Transmission Limited, the Corporate Debtor. The application seeks the closure of the liquidation process. The Corporate Debtor's CIRP was initiated on 11.04.2019, and Mr. Desai was appointed as the Interim Resolution Professional, later confirmed as the Resolution Professional. The CoC rejected the Resolution Plan on 06.01.2020, leading to the filing of a Liquidation Application, which was approved on 14.08.2020, appointing the Applicant as Liquidator.
The Corporate Debtor, EMI Transmission Limited, underwent CIRP initiated on 11.04.2019. The resolution plan was rejected by the CoC on 06.01.2020, leading to a liquidation order on 14.08.2020, with Mr. Shailesh Bhalchandra Desai appointed as Liquidator. The Liquidator made a public announcement on 19.08.2020, inviting claims from stakeholders. Thirty-four e-auction processes were conducted between 19.10.2020 and 19.10.2022. The Corporate Debtor was sold as a going concern to L7 Hitech Private Limited for Rs. 6.60 Crores, with a sale certificate issued on 18.11.2022. L7 Hitech Private Limited filed IA 315 of 2023, which was disposed of on 08.12.2023. The SCC members finalized the pursuit of avoidance transactions with Bank of Baroda as the lead bank. The liquidation
…The Petition (CP(IB)2660(MB)/2018) was…
The CoC rejec…