The case involves an application (IA/471(AHM)2022) filed in connection with a corporate insolvency resolution process (CIRP) initiated against Vimal Oil & Foods Limited (CP(IB) 135 of 2017). The applicant, Arrihum Tradelink Private Limited, was the successful purchaser of the corporate debtor (Vimal Oil & Foods Limited) during its liquidation process. The liquidation was initiated after no resolution plan was approved during the CIRP. The applicant sought various reliefs and concessions to continue the corporate debtor as a going concern, including directions to classify deposited amounts, extinguish existing shares, restore listing rights, and extinguish liabilities. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC),
…Arrihum Tradelink Private Limited (Applicant) was the successful purchaser of Vimal Oil & Foods Limited (Corporate Debtor) during its liquidation. The Corporate Debtor was admitted into CIRP on 19.02.2017, but no resolution plan was approved. The liquidation of the Corporate Debtor was approved on 19.12.2019. The Liquidator published a sale notice on 02.11.2020, and an e-auction was conducted on 01.12.2020. The Applicant was the highest bidder, and a sale agreement was executed on 03.03.2021. The Applicant sought various reliefs and concessions to run the Corporate Debtor as a going concern, including classifying deposited amounts, extinguishing existing shares, and restoring listing rights. The Applicant referred to judgments passed by various NCLTs and Courts,
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Corporate d…
Liquidation of the…
The case involves an application (IA/471(AHM)2022) filed in connection with a corporate insolvency resolution process (CIRP) initiated against Vimal Oil & Foods Limited (CP(IB) 135 of 2017). The applicant, Arrihum Tradelink Private Limited, was the successful purchaser of the corporate debtor (Vimal Oil & Foods Limited) during its liquidation process. The liquidation was initiated after no resolution plan was approved during the CIRP. The applicant sought various reliefs and concessions to continue the corporate debtor as a going concern, including directions to classify deposited amounts, extinguish existing shares, restore listing rights, and extinguish liabilities. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC),
…Arrihum Tradelink Private Limited (Applicant) was the successful purchaser of Vimal Oil & Foods Limited (Corporate Debtor) during its liquidation. The Corporate Debtor was admitted into CIRP on 19.02.2017, but no resolution plan was approved. The liquidation of the Corporate Debtor was approved on 19.12.2019. The Liquidator published a sale notice on 02.11.2020, and an e-auction was conducted on 01.12.2020. The Applicant was the highest bidder, and a sale agreement was executed on 03.03.2021. The Applicant sought various reliefs and concessions to run the Corporate Debtor as a going concern, including classifying deposited amounts, extinguishing existing shares, and restoring listing rights. The Applicant referred to judgments passed by various NCLTs and Courts,
…Corporate d…
Liquidation of the…