The case involves the liquidation of Trans-Fab Power India Private Limited, which was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-08-30. Due to the failure of the Resolution Plan, the company was placed into liquidation on 2023-06-28. The liquidator initiated an auction process, and SM Electric Works emerged as the winning bidder. The liquidator sought closure of the liquidation process, discharge from duties, and approval of the final report.
Trans-Fab Power India Private Limited was admitted into CIRP on 2019-08-30, but the resolution plan failed, leading to liquidation starting 2023-06-28. The liquidator initiated an auction, and SM Electric Works won with a bid of Rs. 6,05,91,998/-. SM Electric Works requested an extension for payment, which was initially denied, but later granted by the Tribunal until 2024-02-27. The full payment of Rs. 6,32,63,931/- (including interest) was received by 2024-04-23. The liquidator executed an agreement with SM Electric Works on 2024-03-04 for the sale of TPIPL as a going concern, approved by the Tribunal on 2024-07-15. After settling dues, the liquidator distributed the proceeds according to Section 53 of the Insolvency and Bankruptcy Code, 2016, and closed the
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Trans-Fab Power India Private Limited was…
Due to the failure of the Resolution Plan,…
The case involves the liquidation of Trans-Fab Power India Private Limited, which was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-08-30. Due to the failure of the Resolution Plan, the company was placed into liquidation on 2023-06-28. The liquidator initiated an auction process, and SM Electric Works emerged as the winning bidder. The liquidator sought closure of the liquidation process, discharge from duties, and approval of the final report.
Trans-Fab Power India Private Limited was admitted into CIRP on 2019-08-30, but the resolution plan failed, leading to liquidation starting 2023-06-28. The liquidator initiated an auction, and SM Electric Works won with a bid of Rs. 6,05,91,998/-. SM Electric Works requested an extension for payment, which was initially denied, but later granted by the Tribunal until 2024-02-27. The full payment of Rs. 6,32,63,931/- (including interest) was received by 2024-04-23. The liquidator executed an agreement with SM Electric Works on 2024-03-04 for the sale of TPIPL as a going concern, approved by the Tribunal on 2024-07-15. After settling dues, the liquidator distributed the proceeds according to Section 53 of the Insolvency and Bankruptcy Code, 2016, and closed the
…Trans-Fab Power India Private Limited was…
Due to the failure of the Resolution Plan,…