This case involves an Interlocutory Application (IA) filed by Universaltech Paper LLP, seeking direction to the Liquidator to conduct an auction sale of Kohinoor Pulp & Paper Private Limited (Corporate Debtor) as a going concern using the Swiss Challenge Method. The applicant also sought an interim order to stay the auction as per the publication notice dated August 22, 2022. The Liquidator had initially issued a notice on August 2, 2022, for the sale of the Corporate Debtor as a going concern using the Swiss Challenge Method but later issued a fresh notice on August 22, 2022, to conduct the sale through a normal e-auction process. The applicant challenged this change in the auction method.
Sauria Corporation is the Operational Creditor. Kohinoor Pulp & Paper Private Limited is the Corporate Debtor undergoing liquidation. Universaltech Paper LLP filed an Interlocutory Application (IA No. 892/KB/2022) seeking direction to the Liquidator to conduct an auction sale of the Corporate Debtor as a going concern using the Swiss Challenge Method. The Liquidator initially issued a notice on August 2, 2022, for the sale using the Swiss Challenge Method but later issued a fresh notice on August 22, 2022, to conduct the sale through a normal e-auction process. The applicant challenged this change, arguing it was arbitrary. The Stakeholders' Consultation Committee suggested increasing the reserve price and conducting a normal auction. The reserve price was
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The Liquidator issued a notice conducting Sale…
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This case involves an Interlocutory Application (IA) filed by Universaltech Paper LLP, seeking direction to the Liquidator to conduct an auction sale of Kohinoor Pulp & Paper Private Limited (Corporate Debtor) as a going concern using the Swiss Challenge Method. The applicant also sought an interim order to stay the auction as per the publication notice dated August 22, 2022. The Liquidator had initially issued a notice on August 2, 2022, for the sale of the Corporate Debtor as a going concern using the Swiss Challenge Method but later issued a fresh notice on August 22, 2022, to conduct the sale through a normal e-auction process. The applicant challenged this change in the auction method.
Sauria Corporation is the Operational Creditor. Kohinoor Pulp & Paper Private Limited is the Corporate Debtor undergoing liquidation. Universaltech Paper LLP filed an Interlocutory Application (IA No. 892/KB/2022) seeking direction to the Liquidator to conduct an auction sale of the Corporate Debtor as a going concern using the Swiss Challenge Method. The Liquidator initially issued a notice on August 2, 2022, for the sale using the Swiss Challenge Method but later issued a fresh notice on August 22, 2022, to conduct the sale through a normal e-auction process. The applicant challenged this change, arguing it was arbitrary. The Stakeholders' Consultation Committee suggested increasing the reserve price and conducting a normal auction. The reserve price was
…The Liquidator issued a notice conducting Sale…
Stakeholders'…