The case involves an application by Ms. Shalu Khanna, the liquidator of M/s. Saubhagya Ornaments Private Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against Advantech India Private Limited (Respondent No.1) to issue fresh and rectified preference share certificates in the name of the Corporate Debtor. The liquidator also sought orders to allow the redemption of 20,00,000 9% Non-Cumulative Redeemable Preference Shares held by the Corporate Debtor in Respondent No.1 Company, in compliance with Section 55 of the Companies Act, 2013. The application arises from liquidation proceedings initiated against Saubhagya Ornaments Private Limited by an order dated 26.07.2021.
Ms. Shalu Khanna, the liquidator of M/s. Saubhagya Ornaments Private Limited ('Corporate Debtor'), filed an application against Advantech India Private Limited ('Respondent No.1'), Satinder Singh Banga (‘Respondent No.2'), and Hardeep Singh Banga (‘Respondent No.3'). The application pertains to 20,00,000 9% Non-Cumulative Redeemable Preference Shares ('NCRPS') held by the Corporate Debtor in Respondent No.1 Company. The liquidator sought orders directing Respondent No.1 to issue fresh and rectified preference share certificates and to allow the redemption of the shares. The liquidation proceedings against the Corporate Debtor were initiated on 26.07.2021. The applicant claims that Respondent No.1 unilaterally changed the terms of the NCRPS, violating the Companies Act,
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The case involves an application by Ms. Shalu Khanna, the liquidator of M/s. Saubhagya Ornaments Private Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against Advantech India Private Limited (Respondent No.1) to issue fresh and rectified preference share certificates in the name of the Corporate Debtor. The liquidator also sought orders to allow the redemption of 20,00,000 9% Non-Cumulative Redeemable Preference Shares held by the Corporate Debtor in Respondent No.1 Company, in compliance with Section 55 of the Companies Act, 2013. The application arises from liquidation proceedings initiated against Saubhagya Ornaments Private Limited by an order dated 26.07.2021.
Ms. Shalu Khanna, the liquidator of M/s. Saubhagya Ornaments Private Limited ('Corporate Debtor'), filed an application against Advantech India Private Limited ('Respondent No.1'), Satinder Singh Banga (‘Respondent No.2'), and Hardeep Singh Banga (‘Respondent No.3'). The application pertains to 20,00,000 9% Non-Cumulative Redeemable Preference Shares ('NCRPS') held by the Corporate Debtor in Respondent No.1 Company. The liquidator sought orders directing Respondent No.1 to issue fresh and rectified preference share certificates and to allow the redemption of the shares. The liquidation proceedings against the Corporate Debtor were initiated on 26.07.2021. The applicant claims that Respondent No.1 unilaterally changed the terms of the NCRPS, violating the Companies Act,
…Offer letter for…
Liquidation proceedings initiated against…