The case involves an application filed under Sections 230-232 and 66 of the Companies Act, 2013, by Mr. Anurag Goel, the Liquidator of Shree Ambika Sugars Limited, seeking sanction and confirmation of a Scheme of Compromise proposed by SNJ Distillers Private Limited. Shree Ambika Sugars Limited was undergoing liquidation after the Committee of Creditors (CoC) did not approve a resolution plan and opted for liquidation. The Liquidator invited proposals for a scheme of compromise under Section 230, and SNJ Distillers submitted a scheme. The Stakeholders Consultation Committee (SCC) provided in-principle consent for the scheme. The scheme aims to bring the company into the SNJ Group, maximize creditor payments, and transfer management to a new set of shareholders. The
…Shree Ambika Sugars Limited underwent Corporate Insolvency Resolution Process (CIRP) and was later ordered into liquidation on 2022-06-20 after the Committee of Creditors (CoC) rejected the resolution plan. Mr. Anurag Goel was appointed as the Liquidator. The Liquidator then invited proposals for a scheme of compromise and arrangement under Section 230 of the Companies Act, 2013. SNJ Distillers Private Limited submitted a scheme proposing to acquire the Corporate Debtor. The Stakeholders Consultation Committee (SCC) provided in-principle consent for the scheme. The scheme proposed a total payment of INR 180.06 Crore to various stakeholders. The scheme also proposed the creation of a trust to manage certain identified assets, including the outcome of arbitration
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Shree Ambika…
The Applicant i…
The case involves an application filed under Sections 230-232 and 66 of the Companies Act, 2013, by Mr. Anurag Goel, the Liquidator of Shree Ambika Sugars Limited, seeking sanction and confirmation of a Scheme of Compromise proposed by SNJ Distillers Private Limited. Shree Ambika Sugars Limited was undergoing liquidation after the Committee of Creditors (CoC) did not approve a resolution plan and opted for liquidation. The Liquidator invited proposals for a scheme of compromise under Section 230, and SNJ Distillers submitted a scheme. The Stakeholders Consultation Committee (SCC) provided in-principle consent for the scheme. The scheme aims to bring the company into the SNJ Group, maximize creditor payments, and transfer management to a new set of shareholders. The
…Shree Ambika Sugars Limited underwent Corporate Insolvency Resolution Process (CIRP) and was later ordered into liquidation on 2022-06-20 after the Committee of Creditors (CoC) rejected the resolution plan. Mr. Anurag Goel was appointed as the Liquidator. The Liquidator then invited proposals for a scheme of compromise and arrangement under Section 230 of the Companies Act, 2013. SNJ Distillers Private Limited submitted a scheme proposing to acquire the Corporate Debtor. The Stakeholders Consultation Committee (SCC) provided in-principle consent for the scheme. The scheme proposed a total payment of INR 180.06 Crore to various stakeholders. The scheme also proposed the creation of a trust to manage certain identified assets, including the outcome of arbitration
…Shree Ambika…
The Applicant i…