The case pertains to IA No.178/2022 in CP (IB) No.131/ALD/2017 before the National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj. The application was filed by the Liquidator of Shamken Spinners Limited, seeking approval for the implementation of the sale of the Corporate Debtor as a going concern. The Corporate Debtor, Shamken Spinners Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) based on a Section 7 petition filed by Asset Reconstruction Company India Limited. Subsequently, the Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor after resolution plans failed. Mr. Sanjay Gupta was appointed as the Liquidator. The Tribunal directed the Liquidator to first attempt a compromise or arrangement under Section 230 of
…1. Shamken Spinners Limited was undergoing Corporate Insolvency Resolution Process (CIRP) after a Section 7 petition was filed by Asset Reconstruction Company India Limited.
2. The Committee of Creditors (CoC) rejected the resolution plan and decided to liquidate the Corporate Debtor.
3. Mr. Sanjay Gupta was appointed as the Liquidator.
4. The Tribunal directed the Liquidator to first attempt a compromise or arrangement under Section 230 of the Companies Act, 2013.
5. The Liquidator published Expression of Interest (EOI) and invited bids for the sale of the Corporate Debtor as a going concern.
6. Sujeet Motors (P) Limited emerged as the highest bidder with a bid of Rs.41.05 Crores.
7. The E-auction process stipulated that the sale would be on an “as is where is”, “as is what
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CP (IB) No.131/…
Corporate Insolvency…
The case pertains to IA No.178/2022 in CP (IB) No.131/ALD/2017 before the National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj. The application was filed by the Liquidator of Shamken Spinners Limited, seeking approval for the implementation of the sale of the Corporate Debtor as a going concern. The Corporate Debtor, Shamken Spinners Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) based on a Section 7 petition filed by Asset Reconstruction Company India Limited. Subsequently, the Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor after resolution plans failed. Mr. Sanjay Gupta was appointed as the Liquidator. The Tribunal directed the Liquidator to first attempt a compromise or arrangement under Section 230 of
…1. Shamken Spinners Limited was undergoing Corporate Insolvency Resolution Process (CIRP) after a Section 7 petition was filed by Asset Reconstruction Company India Limited.
2. The Committee of Creditors (CoC) rejected the resolution plan and decided to liquidate the Corporate Debtor.
3. Mr. Sanjay Gupta was appointed as the Liquidator.
4. The Tribunal directed the Liquidator to first attempt a compromise or arrangement under Section 230 of the Companies Act, 2013.
5. The Liquidator published Expression of Interest (EOI) and invited bids for the sale of the Corporate Debtor as a going concern.
6. Sujeet Motors (P) Limited emerged as the highest bidder with a bid of Rs.41.05 Crores.
7. The E-auction process stipulated that the sale would be on an “as is where is”, “as is what
CP (IB) No.131/…
Corporate Insolvency…