The case involves an application (IA No.394/2022) filed by a Successful Auction Purchaser seeking directions for the issuance of a sale certificate by the liquidator in the matter of corporate insolvency resolution process of Gokul Agro Resources Limited. Two other IAs (IA No.98/2022 and IA No.89/2022) were filed challenging the sale notice, one by an Employees Welfare Trust and another by the erstwhile director of the Corporate Debtor. The Tribunal had previously ordered the auction sale to proceed, subject to the outcome of the IA. The applicant deposited the entire bid amount of Rs. 107.35 crore.
Gokul Agro Resources Limited is undergoing corporate insolvency resolution process. Standard Chartered Bank is the financial creditor. A sale notice was issued as part of the liquidation process. A Successful Auction Purchaser participated in the auction and deposited Rs. 107.35 crore. The Successful Auction Purchaser filed IA No.394/2022 seeking directions for the issuance of a sale certificate. Two other IAs, IA No.98/2022 (filed by an Employees Welfare Trust) and IA No.89/2022 (filed by the erstwhile director), challenged the sale notice. The Tribunal had passed an ad-interim order on April 4, 2022, requiring prior approval for issuing the sale certificate. The liquidator contended that the applicant had notice of this order through a Letter of Intent dated April
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Sale notice challenged by Employees Welfare…
Tribunal passed an order for the auction sale…
The case involves an application (IA No.394/2022) filed by a Successful Auction Purchaser seeking directions for the issuance of a sale certificate by the liquidator in the matter of corporate insolvency resolution process of Gokul Agro Resources Limited. Two other IAs (IA No.98/2022 and IA No.89/2022) were filed challenging the sale notice, one by an Employees Welfare Trust and another by the erstwhile director of the Corporate Debtor. The Tribunal had previously ordered the auction sale to proceed, subject to the outcome of the IA. The applicant deposited the entire bid amount of Rs. 107.35 crore.
Gokul Agro Resources Limited is undergoing corporate insolvency resolution process. Standard Chartered Bank is the financial creditor. A sale notice was issued as part of the liquidation process. A Successful Auction Purchaser participated in the auction and deposited Rs. 107.35 crore. The Successful Auction Purchaser filed IA No.394/2022 seeking directions for the issuance of a sale certificate. Two other IAs, IA No.98/2022 (filed by an Employees Welfare Trust) and IA No.89/2022 (filed by the erstwhile director), challenged the sale notice. The Tribunal had passed an ad-interim order on April 4, 2022, requiring prior approval for issuing the sale certificate. The liquidator contended that the applicant had notice of this order through a Letter of Intent dated April
…Sale notice challenged by Employees Welfare…
Tribunal passed an order for the auction sale…