The case involves an Interlocutory Application (IA/53/2022) filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 32A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, and Rule 11 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The applicant, OFB Tech Private Limited, being the successful bidder in the E-auction for the sale of the assets of Gujarat Foil Limited (corporate debtor) as a going concern during liquidation, sought several reliefs and concessions. Allahabad Bank had initiated CIRP against Gujarat Foils Limited, which was admitted on 2017-11-30. Alok Kailash Saksena was appointed as the Interim Resolution Professional and later as the
…1. Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Gujarat Foils Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC).
2. The CIRP was admitted on 2017-11-30.
3. Alok Kailash Saksena was appointed as the Interim Resolution Professional (IRP).
4. On 2019-09-16, Gujarat Foils Limited was ordered to be liquidated, and Alok Kailash Saksena was appointed as the Liquidator.
5. The Liquidator issued an E-auction memorandum and public announcement on 2021-11-22.
6. OFB Tech Private Limited deposited Rs. 4.76 Crores as Earnest Money Deposit (EMD) on 2021-12-06.
7. The E-auction process was conducted on 2021-12-10 to sell Gujarat Foils Limited as a going concern.
8. OFB Tech Private Limited was declared the successful bidder, and a Letter
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Corporate Insolvency Resolution Process (CIRP)…
Gujarat Foils Limited ordered to be…
The case involves an Interlocutory Application (IA/53/2022) filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 32A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, and Rule 11 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The applicant, OFB Tech Private Limited, being the successful bidder in the E-auction for the sale of the assets of Gujarat Foil Limited (corporate debtor) as a going concern during liquidation, sought several reliefs and concessions. Allahabad Bank had initiated CIRP against Gujarat Foils Limited, which was admitted on 2017-11-30. Alok Kailash Saksena was appointed as the Interim Resolution Professional and later as the
…1. Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Gujarat Foils Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC).
2. The CIRP was admitted on 2017-11-30.
3. Alok Kailash Saksena was appointed as the Interim Resolution Professional (IRP).
4. On 2019-09-16, Gujarat Foils Limited was ordered to be liquidated, and Alok Kailash Saksena was appointed as the Liquidator.
5. The Liquidator issued an E-auction memorandum and public announcement on 2021-11-22.
6. OFB Tech Private Limited deposited Rs. 4.76 Crores as Earnest Money Deposit (EMD) on 2021-12-06.
7. The E-auction process was conducted on 2021-12-10 to sell Gujarat Foils Limited as a going concern.
8. OFB Tech Private Limited was declared the successful bidder, and a Letter
Corporate Insolvency Resolution Process (CIRP)…
Gujarat Foils Limited ordered to be…