The case involves two applications, IA 3113/ND/2021 and IA 3172/ND/2021, related to the insolvency and liquidation of UTM Engineering Pvt. Ltd. IA 3113/ND/2021 was filed by the liquidator seeking approval for the bid received from Red Brick Consulting Pvt. Ltd. for acquiring the Corporate Debtor as a going concern. IA 3172/ND/2021 was filed by TCM-UTM (JV) seeking to quash the sale of the Corporate Debtor to Red Brick Consulting Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-10-17, and the liquidation process commenced on 2020-10-15. Kanti Mohan Rustagi was appointed as the liquidator.
The Corporate Insolvency Resolution Process (CIRP) for UTM Engineering Pvt. Ltd. was initiated on 2019-10-17, followed by the commencement of liquidation on 2020-10-15, with Kanti Mohan Rustagi appointed as liquidator. The liquidator issued a public announcement and conducted stakeholder meetings to facilitate the sale of the Corporate Debtor as a going concern. An e-auction was conducted on 2021-06-16, where Red Brick Consulting Pvt. Ltd. emerged as the successful bidder. However, TCM-UTM (JV), a joint venture partner, filed an application (IA 3172/ND/2021) to quash the sale, alleging that Red Brick was ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC) due to the involvement of Gyandeep Kantipudi, who was an ex-director of UTM Engineering and a
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Corporate Insolvency…
Liquidation process…
The case involves two applications, IA 3113/ND/2021 and IA 3172/ND/2021, related to the insolvency and liquidation of UTM Engineering Pvt. Ltd. IA 3113/ND/2021 was filed by the liquidator seeking approval for the bid received from Red Brick Consulting Pvt. Ltd. for acquiring the Corporate Debtor as a going concern. IA 3172/ND/2021 was filed by TCM-UTM (JV) seeking to quash the sale of the Corporate Debtor to Red Brick Consulting Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-10-17, and the liquidation process commenced on 2020-10-15. Kanti Mohan Rustagi was appointed as the liquidator.
The Corporate Insolvency Resolution Process (CIRP) for UTM Engineering Pvt. Ltd. was initiated on 2019-10-17, followed by the commencement of liquidation on 2020-10-15, with Kanti Mohan Rustagi appointed as liquidator. The liquidator issued a public announcement and conducted stakeholder meetings to facilitate the sale of the Corporate Debtor as a going concern. An e-auction was conducted on 2021-06-16, where Red Brick Consulting Pvt. Ltd. emerged as the successful bidder. However, TCM-UTM (JV), a joint venture partner, filed an application (IA 3172/ND/2021) to quash the sale, alleging that Red Brick was ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC) due to the involvement of Gyandeep Kantipudi, who was an ex-director of UTM Engineering and a
…Corporate Insolvency…
Liquidation process…