Phoenix ARC Pvt. Ltd. filed an appeal challenging the order dated 16.02.2024 passed by the National Company Law Tribunal, Indore Special Bench, Court No.1 in MA/3 (MP) of 2023, which rejected MA No.3(MP) of 2023 filed by the Appellant objecting to the decision of the Liquidator to include the Haldia property in the Liquidation Estate.
The liquidation process against KS Oils Ltd. commenced on 16.03.2021.
Phoenix ARC Pvt. Ltd. filed a claim in Form-B on 14.04.2021 for Rs.793,45,16,428/- and claimed security interest in the Haldia property.
The Appellant did not relinquish its security interest for "Haldia Unit" in Form-D.
The NCLT directed the Liquidator to proceed with liquidation on 06.01.2023 after a scheme was not approved.
The Liquidator communicated to the Appellant on 14.07.2023 that Haldia Unit had become part of the Liquidation Estate.
The Adjudicating Authority rejected MA No.03 of 2023 on 16.02.2024, leading to this appeal.
Halder Venture Limited was declared the successful bidder in the Stakeholder Consultation Committee (SCC) meeting held on 03.02.2024.
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Order dated 16.02.2024 passed by the…
Liquidation process against the Corporate…
Phoenix ARC Pvt. Ltd. filed an appeal challenging the order dated 16.02.2024 passed by the National Company Law Tribunal, Indore Special Bench, Court No.1 in MA/3 (MP) of 2023, which rejected MA No.3(MP) of 2023 filed by the Appellant objecting to the decision of the Liquidator to include the Haldia property in the Liquidation Estate.
The liquidation process against KS Oils Ltd. commenced on 16.03.2021.
Phoenix ARC Pvt. Ltd. filed a claim in Form-B on 14.04.2021 for Rs.793,45,16,428/- and claimed security interest in the Haldia property.
The Appellant did not relinquish its security interest for "Haldia Unit" in Form-D.
The NCLT directed the Liquidator to proceed with liquidation on 06.01.2023 after a scheme was not approved.
The Liquidator communicated to the Appellant on 14.07.2023 that Haldia Unit had become part of the Liquidation Estate.
The Adjudicating Authority rejected MA No.03 of 2023 on 16.02.2024, leading to this appeal.
Halder Venture Limited was declared the successful bidder in the Stakeholder Consultation Committee (SCC) meeting held on 03.02.2024.
…Order dated 16.02.2024 passed by the…
Liquidation process against the Corporate…