The application IA No.46/2022 was filed under Section 60(5) of the IBC, 2016. The applicant, Kulwinder Singh Makhni, a suspended director of M/s Punjab Basmati Rice Ltd., sought a direction for the Liquidator to supply copies of valuation reports submitted by the respondent/Liquidator, Mr. Sanjay Kumar Aggarwal, in pursuance of an order dated 09.11.2021 passed by the Adjudicating Authority in IA No.550/2021. The applicant, being a member of the Stakeholders Consultation Committee (SCC), claimed entitlement to these reports under Regulation 31A of LP Regulations. The applicant had previously challenged the e-auction sale notice dated 13.08.2021, alleging undervaluation of the corporate debtor's assets and seeking a fresh valuation. The Adjudicating Authority had
…Kulwinder Singh Makhni, the suspended director of Punjab Basmati Rice Ltd., filed an application (IA No.46/2022) seeking access to valuation reports of the corporate debtor's assets. These reports were prepared by appointed valuers and submitted by the Liquidator, Sanjay Kumar Aggarwal. Makhni, as a member of the Stakeholders Consultation Committee (SCC), argued that he was entitled to these reports under Regulation 31A of the IBBI (Liquidation Process) Regulations, 2016. The application stemmed from Makhni's earlier challenge to an e-auction sale notice, claiming undervaluation of the assets. The Adjudicating Authority had previously ordered a fresh valuation. The Liquidator, however, did not provide the valuation reports to Makhni. The corporate debtor's assets were
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Adjudicating Authority directed the…
Liquidator issued an e-auction sale notice,…
The application IA No.46/2022 was filed under Section 60(5) of the IBC, 2016. The applicant, Kulwinder Singh Makhni, a suspended director of M/s Punjab Basmati Rice Ltd., sought a direction for the Liquidator to supply copies of valuation reports submitted by the respondent/Liquidator, Mr. Sanjay Kumar Aggarwal, in pursuance of an order dated 09.11.2021 passed by the Adjudicating Authority in IA No.550/2021. The applicant, being a member of the Stakeholders Consultation Committee (SCC), claimed entitlement to these reports under Regulation 31A of LP Regulations. The applicant had previously challenged the e-auction sale notice dated 13.08.2021, alleging undervaluation of the corporate debtor's assets and seeking a fresh valuation. The Adjudicating Authority had
…Kulwinder Singh Makhni, the suspended director of Punjab Basmati Rice Ltd., filed an application (IA No.46/2022) seeking access to valuation reports of the corporate debtor's assets. These reports were prepared by appointed valuers and submitted by the Liquidator, Sanjay Kumar Aggarwal. Makhni, as a member of the Stakeholders Consultation Committee (SCC), argued that he was entitled to these reports under Regulation 31A of the IBBI (Liquidation Process) Regulations, 2016. The application stemmed from Makhni's earlier challenge to an e-auction sale notice, claiming undervaluation of the assets. The Adjudicating Authority had previously ordered a fresh valuation. The Liquidator, however, did not provide the valuation reports to Makhni. The corporate debtor's assets were
…Adjudicating Authority directed the…
Liquidator issued an e-auction sale notice,…