The case involves an application filed by the Liquidator of Varrsana Ispat Limited, seeking approval for the sale of the Corporate Debtor as a going concern to Stata Mater Investments Limited, the successful bidder in an e-auction. The Directorate of Enforcement (ED) had attached the Corporate Debtor's assets under the Prevention of Money Laundering Act (PMLA) prior to the initiation of CIRP.
CIRP was initiated against Varrsana Ispat Limited on 18.07.2017.
Liquidation proceedings were initiated on 06.08.2019, and Mr. Anil Goel was appointed as the Liquidator.
The Directorate of Enforcement (ED) had attached the Corporate Debtor's assets under the PMLA prior to the initiation of CIRP.
Stata Mater Investments Limited emerged as the highest bidder in an e-auction conducted on 17.03.2023, with a bid amount of Rs. 409.20 crores.
The Liquidator filed an application seeking approval for the sale of the Corporate Debtor as a going concern and directions for transferring the Corporate Debtor free from prior liabilities.
The ED had challenged the Tribunal's order allowing the sale, but the interim stay granted by the High Court had lapsed.
…Sign in to view the parties.
Provisional Attachment…
Corporate insolvency resolution process…
The case involves an application filed by the Liquidator of Varrsana Ispat Limited, seeking approval for the sale of the Corporate Debtor as a going concern to Stata Mater Investments Limited, the successful bidder in an e-auction. The Directorate of Enforcement (ED) had attached the Corporate Debtor's assets under the Prevention of Money Laundering Act (PMLA) prior to the initiation of CIRP.
CIRP was initiated against Varrsana Ispat Limited on 18.07.2017.
Liquidation proceedings were initiated on 06.08.2019, and Mr. Anil Goel was appointed as the Liquidator.
The Directorate of Enforcement (ED) had attached the Corporate Debtor's assets under the PMLA prior to the initiation of CIRP.
Stata Mater Investments Limited emerged as the highest bidder in an e-auction conducted on 17.03.2023, with a bid amount of Rs. 409.20 crores.
The Liquidator filed an application seeking approval for the sale of the Corporate Debtor as a going concern and directions for transferring the Corporate Debtor free from prior liabilities.
The ED had challenged the Tribunal's order allowing the sale, but the interim stay granted by the High Court had lapsed.
…Provisional Attachment…
Corporate insolvency resolution process…