The case involves two interim applications (IA No. 1626/2024 and IA No. 3067/2024) arising from the same set of facts in the Corporate Insolvency Resolution Process (CIRP) of Spark Green Energy (Satara) Limited. Union Bank of India initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC). Liquidation was ordered on 28.07.2023, and a liquidator was appointed. The liquidator, along with Shri Dutt India Private Limited (the successful bidder in an e-auction), sought confirmation of the sale of the Corporate Debtor as a going concern without dissolution and directions for the Registrar of Companies (RoC) to reflect the Corporate Debtor's status as active.
Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Spark Green Energy (Satara) Limited under Section 7 of IBC, leading to liquidation on 28.07.2023. The liquidator appointed, Mr. Ashok Kumar Golechha, took actions as per IBBI (Liquidation Process) Regulations, 2016. The average liquidation value for land and building was Rs. 2,63,98,325/-, and valuation of plant and machinery was Rs. 9,50,50,000/-. The Stakeholders Consultation Committee (SCC) resolved to sell the Corporate Debtor as a going concern for a reserve price of Rs. 14.50 Crore. Shri Dutt India Private Limited emerged as the successful bidder in the e-auction held on 16.10.2023, placing a bid at the reserve price. The Letter of Intent was issued on 17.10.2023. The successful
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Corporate Insolvency Resolution Process (CIRP)…
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The case involves two interim applications (IA No. 1626/2024 and IA No. 3067/2024) arising from the same set of facts in the Corporate Insolvency Resolution Process (CIRP) of Spark Green Energy (Satara) Limited. Union Bank of India initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC). Liquidation was ordered on 28.07.2023, and a liquidator was appointed. The liquidator, along with Shri Dutt India Private Limited (the successful bidder in an e-auction), sought confirmation of the sale of the Corporate Debtor as a going concern without dissolution and directions for the Registrar of Companies (RoC) to reflect the Corporate Debtor's status as active.
Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Spark Green Energy (Satara) Limited under Section 7 of IBC, leading to liquidation on 28.07.2023. The liquidator appointed, Mr. Ashok Kumar Golechha, took actions as per IBBI (Liquidation Process) Regulations, 2016. The average liquidation value for land and building was Rs. 2,63,98,325/-, and valuation of plant and machinery was Rs. 9,50,50,000/-. The Stakeholders Consultation Committee (SCC) resolved to sell the Corporate Debtor as a going concern for a reserve price of Rs. 14.50 Crore. Shri Dutt India Private Limited emerged as the successful bidder in the e-auction held on 16.10.2023, placing a bid at the reserve price. The Letter of Intent was issued on 17.10.2023. The successful
…Corporate Insolvency Resolution Process (CIRP)…
Committee of Creditors…