The case involves an application by Sherisha Powertech Private Limited (Applicant) seeking permissions/approvals related to the acquisition of EMCO Limited (Corporate Debtor) as a going concern through a liquidation process. EMCO Limited was ordered to be liquidated on August 9, 2019, and Sundaresh Bhat was appointed as the liquidator. The liquidator initiated an e-auction process, and the Applicant was declared the successful bidder. However, disputes arose regarding the terms of payment, transfer of ownership, and liabilities of the Corporate Debtor.
EMCO Limited was ordered to be liquidated on 09.08.2019, with Sundaresh Bhat appointed as the liquidator. The liquidator initiated an e-auction process, and Sherisha Powertech Private Limited (STPL's parent company) submitted a bid for Category A Assets, which included EMCO Limited as a whole with its legal entity and financial assets. The e-auction process was initially cancelled on 02.03.2022, but a fresh e-auction was initiated on 08.03.2022. The reserve price for the 'Auction Assets' was INR 166.60 Crores. The Applicant deposited an Earnest Money Deposit (EMD) of Rs.16.66 Crore, which included Rs.16.50 Crore deposited by STPL during the earlier e-auction process. On 22.03.2022, the Applicant was declared the successful bidder and was called upon to pay the balance
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EMCO Limited was…
The Liquidator issued an ‘E-auction Process…
The case involves an application by Sherisha Powertech Private Limited (Applicant) seeking permissions/approvals related to the acquisition of EMCO Limited (Corporate Debtor) as a going concern through a liquidation process. EMCO Limited was ordered to be liquidated on August 9, 2019, and Sundaresh Bhat was appointed as the liquidator. The liquidator initiated an e-auction process, and the Applicant was declared the successful bidder. However, disputes arose regarding the terms of payment, transfer of ownership, and liabilities of the Corporate Debtor.
EMCO Limited was ordered to be liquidated on 09.08.2019, with Sundaresh Bhat appointed as the liquidator. The liquidator initiated an e-auction process, and Sherisha Powertech Private Limited (STPL's parent company) submitted a bid for Category A Assets, which included EMCO Limited as a whole with its legal entity and financial assets. The e-auction process was initially cancelled on 02.03.2022, but a fresh e-auction was initiated on 08.03.2022. The reserve price for the 'Auction Assets' was INR 166.60 Crores. The Applicant deposited an Earnest Money Deposit (EMD) of Rs.16.66 Crore, which included Rs.16.50 Crore deposited by STPL during the earlier e-auction process. On 22.03.2022, the Applicant was declared the successful bidder and was called upon to pay the balance
…EMCO Limited was…
The Liquidator issued an ‘E-auction Process…