The case pertains to an application filed by M/s Metro Transit Private Limited, the successful bidder for Powai Cubicles Private Limited (the Corporate Debtor), under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The Corporate Debtor was undergoing liquidation following a CIRP initiated on 2021-02-26 and a subsequent liquidation order on 2022-03-30. The applicant sought various reliefs and concessions to facilitate the smooth running of the Corporate Debtor as a going concern after its acquisition through an e-auction process.
The Corporate Debtor, Powai Cubicles Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2021-02-26, followed by a liquidation order on 2022-03-30. M/s Metro Transit Private Limited participated in the e-auction for the purchase of the Corporate Debtor as a going concern and was declared the successful bidder on 2023-03-30. The applicant paid the entire sale consideration of Rs. 6,22,11,000/-. A Sale Certificate was issued on 2023-04-28. The applicant sought various reliefs and concessions to ensure the smooth running of the Corporate Debtor as a going concern, including vesting of assets, extinguishment of past liabilities, and reconstitution of the board of directors. A notice dated 2023-09-28 was received by the Corporate Debtor
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CIRP initiated against…
Liquidation order…
The case pertains to an application filed by M/s Metro Transit Private Limited, the successful bidder for Powai Cubicles Private Limited (the Corporate Debtor), under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The Corporate Debtor was undergoing liquidation following a CIRP initiated on 2021-02-26 and a subsequent liquidation order on 2022-03-30. The applicant sought various reliefs and concessions to facilitate the smooth running of the Corporate Debtor as a going concern after its acquisition through an e-auction process.
The Corporate Debtor, Powai Cubicles Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2021-02-26, followed by a liquidation order on 2022-03-30. M/s Metro Transit Private Limited participated in the e-auction for the purchase of the Corporate Debtor as a going concern and was declared the successful bidder on 2023-03-30. The applicant paid the entire sale consideration of Rs. 6,22,11,000/-. A Sale Certificate was issued on 2023-04-28. The applicant sought various reliefs and concessions to ensure the smooth running of the Corporate Debtor as a going concern, including vesting of assets, extinguishment of past liabilities, and reconstitution of the board of directors. A notice dated 2023-09-28 was received by the Corporate Debtor
…CIRP initiated against…
Liquidation order…