The case involves a dispute over auction proceedings initiated by the Odisha High Court concerning the assets of Hirakud Industrial Works Ltd. (Respondent No. 4), against whom Corporate Insolvency Resolution Process (CIRP) was initiated by the National Company Law Tribunal (NCLT). The Appellant, the Resolution Professional appointed by the NCLT, challenged the interim orders passed by the Odisha High Court, arguing that the High Court proceedings should be stayed due to the commencement of CIRP and the declaration of a moratorium by the NCLT. The dispute originates from unpaid dues to workmen and subsequent attempts to recover these dues through asset sales, complicated by a Share Purchase Agreement and various writ petitions filed before the High Court.
M/s Varsha Fabrics Pvt. Ltd., India Finance Ltd., Mudrika Commercial Pvt. Ltd., and Hirakud Industrial Works Ltd. (Respondent No. 4), along with Industrial Development Corporation of Orissa Ltd., entered into a Share Purchase Agreement (SPA) dated 2006-07-10. Respondent No. 5 divested its 100% shareholding in Respondent No. 4 in favor of Respondent Nos. 1 to 3. Respondent No. 4 shut down its factory on 2007-05-08. Subsequently, Respondent Nos. 1 to 3 sold their stake in Respondent No. 4 to Indo Wagon Engineering Ltd. Respondent No. 13, the Hirakud Workers' Union, filed W.P. (Civil) No. 12479/2009 before the Odisha High Court seeking cancellation of the SPA and payment of arrears and current salaries. Respondent No. 13 filed another Writ Petition bearing W.P. (Civil)
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M/s Varsha Fabrics Pvt. Ltd., India Finance…
Respondent No. 4…
The case involves a dispute over auction proceedings initiated by the Odisha High Court concerning the assets of Hirakud Industrial Works Ltd. (Respondent No. 4), against whom Corporate Insolvency Resolution Process (CIRP) was initiated by the National Company Law Tribunal (NCLT). The Appellant, the Resolution Professional appointed by the NCLT, challenged the interim orders passed by the Odisha High Court, arguing that the High Court proceedings should be stayed due to the commencement of CIRP and the declaration of a moratorium by the NCLT. The dispute originates from unpaid dues to workmen and subsequent attempts to recover these dues through asset sales, complicated by a Share Purchase Agreement and various writ petitions filed before the High Court.
M/s Varsha Fabrics Pvt. Ltd., India Finance Ltd., Mudrika Commercial Pvt. Ltd., and Hirakud Industrial Works Ltd. (Respondent No. 4), along with Industrial Development Corporation of Orissa Ltd., entered into a Share Purchase Agreement (SPA) dated 2006-07-10. Respondent No. 5 divested its 100% shareholding in Respondent No. 4 in favor of Respondent Nos. 1 to 3. Respondent No. 4 shut down its factory on 2007-05-08. Subsequently, Respondent Nos. 1 to 3 sold their stake in Respondent No. 4 to Indo Wagon Engineering Ltd. Respondent No. 13, the Hirakud Workers' Union, filed W.P. (Civil) No. 12479/2009 before the Odisha High Court seeking cancellation of the SPA and payment of arrears and current salaries. Respondent No. 13 filed another Writ Petition bearing W.P. (Civil)
…M/s Varsha Fabrics Pvt. Ltd., India Finance…
Respondent No. 4…