The case involves an application (IA/471(AHM)2022) filed in connection with the corporate insolvency resolution process (CIRP) of Vimal Oil & Foods Limited, initiated under CP(IB) 135 of 2017. The applicant, Arrihum Tradelink Private Limited, was the successful purchaser of the corporate debtor in liquidation. The corporate debtor was admitted into CIRP on 19.02.2017, and liquidation was approved on 19.12.2019 due to the absence of a resolution plan. The liquidator published a sale notice on 02.11.2020, and an e-auction was conducted on 01.12.2020, where Arrihum Tradelink emerged as the highest bidder. A sale agreement was executed on 03.03.2021. The applicant sought various reliefs and concessions to continue the corporate debtor as a going concern, referring to
…Arrihum Tradelink Private Limited (the applicant) was the successful purchaser of Vimal Oil & Foods Limited (the corporate debtor) in liquidation. The corporate debtor was admitted into CIRP on 19.02.2017, and liquidation was approved on 19.12.2019 due to the absence of a resolution plan. The liquidator published a sale notice on 02.11.2020, and an e-auction was conducted on 01.12.2020, where Arrihum Tradelink emerged as the highest bidder with a bid of Rs.69.70 crores. A sale agreement was executed on 03.03.2021. 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. SEBI responded,
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Corporate d…
Liquidation approved…
The case involves an application (IA/471(AHM)2022) filed in connection with the corporate insolvency resolution process (CIRP) of Vimal Oil & Foods Limited, initiated under CP(IB) 135 of 2017. The applicant, Arrihum Tradelink Private Limited, was the successful purchaser of the corporate debtor in liquidation. The corporate debtor was admitted into CIRP on 19.02.2017, and liquidation was approved on 19.12.2019 due to the absence of a resolution plan. The liquidator published a sale notice on 02.11.2020, and an e-auction was conducted on 01.12.2020, where Arrihum Tradelink emerged as the highest bidder. A sale agreement was executed on 03.03.2021. The applicant sought various reliefs and concessions to continue the corporate debtor as a going concern, referring to
…Arrihum Tradelink Private Limited (the applicant) was the successful purchaser of Vimal Oil & Foods Limited (the corporate debtor) in liquidation. The corporate debtor was admitted into CIRP on 19.02.2017, and liquidation was approved on 19.12.2019 due to the absence of a resolution plan. The liquidator published a sale notice on 02.11.2020, and an e-auction was conducted on 01.12.2020, where Arrihum Tradelink emerged as the highest bidder with a bid of Rs.69.70 crores. A sale agreement was executed on 03.03.2021. 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. SEBI responded,
…Corporate d…
Liquidation approved…