The application was filed by Sherisha Powertech Private Limited, the successful bidder in the e-auction process for the sale of EMCO Limited (Corporate Debtor). The application sought rectification of an order dated 09.09.2022, which approved the sale of the auction asset to the applicant. The applicant contended that certain inadvertent errors had crept into the Approval Order, requiring immediate rectification. There was also a lack of clarity regarding the payment of interest on the balance sale consideration.
Sherisha Powertech Private Limited (SPPL), as the successful bidder in the e-auction for EMCO Limited (Corporate Debtor), filed an application seeking rectification of the order dated 09.09.2022, which approved the sale of EMCO Limited's assets to SPPL. SPPL claimed that the approval order contained inadvertent errors and lacked clarity regarding interest payments on the balance sale consideration. The Respondent is the Liquidator of the Corporate Debtor. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 r/w Rule 154 (1) and 154 (1) and Rule 11 of The National Company Law Tribunal Rules, 2016.
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Date of the Approval…
The Approval O…
The application was filed by Sherisha Powertech Private Limited, the successful bidder in the e-auction process for the sale of EMCO Limited (Corporate Debtor). The application sought rectification of an order dated 09.09.2022, which approved the sale of the auction asset to the applicant. The applicant contended that certain inadvertent errors had crept into the Approval Order, requiring immediate rectification. There was also a lack of clarity regarding the payment of interest on the balance sale consideration.
Sherisha Powertech Private Limited (SPPL), as the successful bidder in the e-auction for EMCO Limited (Corporate Debtor), filed an application seeking rectification of the order dated 09.09.2022, which approved the sale of EMCO Limited's assets to SPPL. SPPL claimed that the approval order contained inadvertent errors and lacked clarity regarding interest payments on the balance sale consideration. The Respondent is the Liquidator of the Corporate Debtor. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 r/w Rule 154 (1) and 154 (1) and Rule 11 of The National Company Law Tribunal Rules, 2016.
Date of the Approval…
The Approval O…