The case involves an application (IA No. 6280 of 2022) filed by the liquidator, Mr. Sajeve Bhushan Deora, of Noslar International Limited, seeking permission from the Adjudicating Authority (NCLT) to sell the Corporate Debtor (Noslar International Limited) as a going concern. The liquidation process had commenced earlier, and the liquidator had conducted multiple rounds of e-auctions without successfully selling the company as a going concern in the first auction. The Stakeholders Consultation Committee (SCC) had discussed the matter and allowed the sale of the Corporate Debtor as a going concern. The liquidator obtained Confidentiality and Non-disclosure Undertaking (CNDU) from a potential bidder and prepared necessary documents for the sale.
1. Mr. Sajeve Bhushan Deora is the Liquidator of Noslar International Limited.
2. The liquidation process of Noslar International Limited commenced vide order dated 2020-02-28.
3. The Liquidator filed IA No. 6280 of 2022 seeking permission to sell Noslar International Limited as a going concern.
4. The Liquidator conducted several e-auction rounds to sell the Corporate Debtor's assets, including land, building, plant & machinery, and vehicles, but was not successful in selling the company as a going concern in the first auction.
5. Mr. Surender Kumar Bansal showed interest in purchasing the Corporate Debtor as a going concern and submitted a bank draft of Rs. 66 Lakhs.
6. The Stakeholders Consultation Committee (SCC) considered the matter in its 13th and 14th meetings
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The Liquidation Process…
E-auction of Land & Building, Plant &…
The case involves an application (IA No. 6280 of 2022) filed by the liquidator, Mr. Sajeve Bhushan Deora, of Noslar International Limited, seeking permission from the Adjudicating Authority (NCLT) to sell the Corporate Debtor (Noslar International Limited) as a going concern. The liquidation process had commenced earlier, and the liquidator had conducted multiple rounds of e-auctions without successfully selling the company as a going concern in the first auction. The Stakeholders Consultation Committee (SCC) had discussed the matter and allowed the sale of the Corporate Debtor as a going concern. The liquidator obtained Confidentiality and Non-disclosure Undertaking (CNDU) from a potential bidder and prepared necessary documents for the sale.
1. Mr. Sajeve Bhushan Deora is the Liquidator of Noslar International Limited.
2. The liquidation process of Noslar International Limited commenced vide order dated 2020-02-28.
3. The Liquidator filed IA No. 6280 of 2022 seeking permission to sell Noslar International Limited as a going concern.
4. The Liquidator conducted several e-auction rounds to sell the Corporate Debtor's assets, including land, building, plant & machinery, and vehicles, but was not successful in selling the company as a going concern in the first auction.
5. Mr. Surender Kumar Bansal showed interest in purchasing the Corporate Debtor as a going concern and submitted a bank draft of Rs. 66 Lakhs.
6. The Stakeholders Consultation Committee (SCC) considered the matter in its 13th and 14th meetings
The Liquidation Process…
E-auction of Land & Building, Plant &…