The case involves two appeals against an order passed by the Adjudicating Authority, National Company Law Tribunal, Kolkata Bench, regarding the liquidation of a Corporate Debtor. The Adjudicating Authority disallowed an application filed by the Liquidator and directed the Liquidator to issue a fresh Swiss Challenge Notice for the private sale of the assets of the Corporate Debtor.
Corporate Debtor was admitted into CIRP on 19.03.2020.
Liquidation was directed on 08.10.2021, and a Liquidator was appointed.
The Stakeholders' Consultation Committee (SCC) was constituted with ARCIL holding 60.65% of the voting share.
Nine rounds of auction were conducted unsuccessfully between 31.12.2021 and 15.01.2024.
OASPL submitted an offer to acquire the business of Corporate Debtor as a going concern through private sale for Rs. 250 crores on 19.02.2024.
The SCC members voted in favor of OASPL's bid with 80.33% majority.
The Liquidator issued a public notice announcing a Swiss Challenge auction for the sale of Corporate Debtor on 22.02.2024.
The last date for submission of eligibility documents was 27.02.2024.
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Corporate Debtor…
Adjudicating Authority directed liquidation…
The case involves two appeals against an order passed by the Adjudicating Authority, National Company Law Tribunal, Kolkata Bench, regarding the liquidation of a Corporate Debtor. The Adjudicating Authority disallowed an application filed by the Liquidator and directed the Liquidator to issue a fresh Swiss Challenge Notice for the private sale of the assets of the Corporate Debtor.
Corporate Debtor was admitted into CIRP on 19.03.2020.
Liquidation was directed on 08.10.2021, and a Liquidator was appointed.
The Stakeholders' Consultation Committee (SCC) was constituted with ARCIL holding 60.65% of the voting share.
Nine rounds of auction were conducted unsuccessfully between 31.12.2021 and 15.01.2024.
OASPL submitted an offer to acquire the business of Corporate Debtor as a going concern through private sale for Rs. 250 crores on 19.02.2024.
The SCC members voted in favor of OASPL's bid with 80.33% majority.
The Liquidator issued a public notice announcing a Swiss Challenge auction for the sale of Corporate Debtor on 22.02.2024.
The last date for submission of eligibility documents was 27.02.2024.
…Corporate Debtor…
Adjudicating Authority directed liquidation…