The case involves an application filed by Bhola Ram Steels Private Limited, the successful bidder in an auction sale, under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking certain reliefs and concessions to facilitate the smooth takeover of Vistar Metal Industries Private Limited, the Corporate Debtor, as a going concern. The liquidation process was initiated after no resolution plan was approved by the Committee of Creditors (CoC). The liquidator conducted an e-auction, and Bhola Ram Steels emerged as the successful bidder. The applicant seeks reliefs to ensure the smooth running of the business of the Corporate Debtor.
Vistar Metal Industries Private Limited ('Corporate Debtor') underwent liquidation after no resolution plan was approved. The Liquidator, Sunil Kumar Agarwal, conducted an e-auction for the sale of the Corporate Debtor as a going concern. Bhola Ram Steels Private Limited ('Applicant') participated in the e-auction and was declared the successful bidder with a bid of INR 25.56 crores. The Applicant paid the entire sale consideration of Rs. 25,56,00,000/- and interest of Rs. 2,07,584/-. The Liquidator issued a Letter of Intent (‘LoI’) to the Applicant on 30th September, 2023. The Liquidator issued the sale certificate on 20th November 2023 and handed over the company. The e-auction was conducted on an 'as is where is' basis, with the Applicant responsible for all
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Company Petition (IB)…
Liquidation Or…
The case involves an application filed by Bhola Ram Steels Private Limited, the successful bidder in an auction sale, under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking certain reliefs and concessions to facilitate the smooth takeover of Vistar Metal Industries Private Limited, the Corporate Debtor, as a going concern. The liquidation process was initiated after no resolution plan was approved by the Committee of Creditors (CoC). The liquidator conducted an e-auction, and Bhola Ram Steels emerged as the successful bidder. The applicant seeks reliefs to ensure the smooth running of the business of the Corporate Debtor.
Vistar Metal Industries Private Limited ('Corporate Debtor') underwent liquidation after no resolution plan was approved. The Liquidator, Sunil Kumar Agarwal, conducted an e-auction for the sale of the Corporate Debtor as a going concern. Bhola Ram Steels Private Limited ('Applicant') participated in the e-auction and was declared the successful bidder with a bid of INR 25.56 crores. The Applicant paid the entire sale consideration of Rs. 25,56,00,000/- and interest of Rs. 2,07,584/-. The Liquidator issued a Letter of Intent (‘LoI’) to the Applicant on 30th September, 2023. The Liquidator issued the sale certificate on 20th November 2023 and handed over the company. The e-auction was conducted on an 'as is where is' basis, with the Applicant responsible for all
…Company Petition (IB)…
Liquidation Or…