The case involves two applications, IA/561(AHM)2022 filed by Jindal Power Ltd, the successful bidder, and IA/594(AHM)2022 filed by the stakeholders' committee of the corporate debtor, Shirpur Power Pvt Ltd, in relation to the Corporate Insolvency Resolution Process (CIRP) of Shirpur Power Pvt Ltd. The CIRP was initiated on 04.03.2020, but no resolution plan was approved. Consequently, liquidation was ordered on 03.02.2021, and the liquidation process commenced on 15.03.2021. The liquidator attempted to sell the corporate debtor as a going concern but received no bids. Subsequently, the liquidator initiated a slump sale, which Jindal Power Ltd accepted. Jindal Power Ltd then sought to convert the slump sale into a sale as a going concern, which the stakeholders'
…On 04.03.2020, Shirpur Power Pvt Ltd was admitted into the Corporate Insolvency Resolution Process (CIRP). During the CIRP, the Resolution Professional (RP) and the Committee of Creditors (CoC) did not receive any resolution plan worth accepting. On 03.02.2021, the CoC passed a resolution recommending the liquidation of the corporate debtor. The liquidation process started on 15.03.2021. The liquidator published the first notice for the sale of the corporate debtor as a going concern on 05.04.2021, fixing the reserve price at Rs. 5,66,23,00,000/-. The liquidator received no response and reduced the reserve price by 15%, republishing the notice. This lack of response continued over three occasions (20.04.2021, 15.06.2021, and 29.06.2021), with the liquidator reducing
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Corporate debtor…
CoC passed a resolution…
The case involves two applications, IA/561(AHM)2022 filed by Jindal Power Ltd, the successful bidder, and IA/594(AHM)2022 filed by the stakeholders' committee of the corporate debtor, Shirpur Power Pvt Ltd, in relation to the Corporate Insolvency Resolution Process (CIRP) of Shirpur Power Pvt Ltd. The CIRP was initiated on 04.03.2020, but no resolution plan was approved. Consequently, liquidation was ordered on 03.02.2021, and the liquidation process commenced on 15.03.2021. The liquidator attempted to sell the corporate debtor as a going concern but received no bids. Subsequently, the liquidator initiated a slump sale, which Jindal Power Ltd accepted. Jindal Power Ltd then sought to convert the slump sale into a sale as a going concern, which the stakeholders'
…On 04.03.2020, Shirpur Power Pvt Ltd was admitted into the Corporate Insolvency Resolution Process (CIRP). During the CIRP, the Resolution Professional (RP) and the Committee of Creditors (CoC) did not receive any resolution plan worth accepting. On 03.02.2021, the CoC passed a resolution recommending the liquidation of the corporate debtor. The liquidation process started on 15.03.2021. The liquidator published the first notice for the sale of the corporate debtor as a going concern on 05.04.2021, fixing the reserve price at Rs. 5,66,23,00,000/-. The liquidator received no response and reduced the reserve price by 15%, republishing the notice. This lack of response continued over three occasions (20.04.2021, 15.06.2021, and 29.06.2021), with the liquidator reducing
…Corporate debtor…
CoC passed a resolution…