The case pertains to a Company Application filed by the Liquidator of Shree Ambika Sugars Limited, the Corporate Debtor, under sections 230 to 232 and 66 of the Companies Act, 2013, read with the Insolvency and Bankruptcy Code, 2016, and related regulations. The Corporate Insolvency Resolution Process (CIRP) was initiated on 18.12.2019. Subsequently, the Adjudicating Authority ordered the liquidation of the Corporate Debtor on 20.06.2022 and appointed the Applicant as the Liquidator. The Liquidator issued an invitation for a Scheme of Compromise, receiving Expressions of Interest from three bidders, including SNJ Distillers (P) Ltd. The Stakeholders Consultation Committee (SCC) was duly constituted. The application seeks dispensation of meeting contemplated under
…The Liquidator of Shree Ambika Sugars Limited filed a Company Application under sections 230 to 232 and 66 of the Companies Act, 2013, read with the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 18.12.2019, and liquidation was ordered on 20.06.2022. The Liquidator invited a Scheme of Compromise, receiving EoIs from three bidders, including SNJ Distillers (P) Ltd. The SCC was constituted. The application seeks dispensation of meeting contemplated under Sections 230 – 232 of the Companies Act, 2013. The application was filed beyond the prescribed time, but the court considered it based on Supreme Court and NCLAT decisions. The stakeholders are agreeable to the proposed scheme. The Liquidator is directed to constitute a Stakeholders Committee and publish
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Corporate Insolvency Resolution Process (CIRP)…
The Adjudicating Authority ordered the…
The case pertains to a Company Application filed by the Liquidator of Shree Ambika Sugars Limited, the Corporate Debtor, under sections 230 to 232 and 66 of the Companies Act, 2013, read with the Insolvency and Bankruptcy Code, 2016, and related regulations. The Corporate Insolvency Resolution Process (CIRP) was initiated on 18.12.2019. Subsequently, the Adjudicating Authority ordered the liquidation of the Corporate Debtor on 20.06.2022 and appointed the Applicant as the Liquidator. The Liquidator issued an invitation for a Scheme of Compromise, receiving Expressions of Interest from three bidders, including SNJ Distillers (P) Ltd. The Stakeholders Consultation Committee (SCC) was duly constituted. The application seeks dispensation of meeting contemplated under
…The Liquidator of Shree Ambika Sugars Limited filed a Company Application under sections 230 to 232 and 66 of the Companies Act, 2013, read with the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 18.12.2019, and liquidation was ordered on 20.06.2022. The Liquidator invited a Scheme of Compromise, receiving EoIs from three bidders, including SNJ Distillers (P) Ltd. The SCC was constituted. The application seeks dispensation of meeting contemplated under Sections 230 – 232 of the Companies Act, 2013. The application was filed beyond the prescribed time, but the court considered it based on Supreme Court and NCLAT decisions. The stakeholders are agreeable to the proposed scheme. The Liquidator is directed to constitute a Stakeholders Committee and publish
…Corporate Insolvency Resolution Process (CIRP)…
The Adjudicating Authority ordered the…