The case involves an appeal against an order passed by the National Company Law Appellate Tribunal (NCLAT), which had allowed an appeal by Punjab National Bank (PNB) against an order of the National Company Law Tribunal (NCLT). The NCLT had initially directed the liquidator to allow Eva Agro Feeds Private Limited to deposit the balance sale consideration for assets it had won in an e-auction. PNB's appeal to the NCLAT challenged this order, leading to the NCLAT setting aside the NCLT's decision and allowing the liquidator to initiate a fresh auction process. Eva Agro Feeds then appealed to the Supreme Court.
Huvepharma Sea (Pune) Private Limited initiated corporate insolvency against Amrit Feeds Limited. The NCLT admitted the application on 2019-10-22, commencing the corporate insolvency resolution process. On 2021-02-19, the NCLT ordered the liquidation of Amrit Feeds, appointing a liquidator. The liquidator scheduled an e-auction for the corporate debtor's assets. Eva Agro Feeds Private Limited, incorporated on 2021-07-09, submitted a bid on 2021-07-16 and 2021-07-17, paying an earnest money deposit (EMD) of Rs. 1 crore. The assets included land and machinery in Uttar Pradesh. Eva Agro Feeds was declared the winner of the e-auction on 2021-07-20, bidding Rs. 10 crores, matching the reserve price. However, the liquidator cancelled the e-auction on 2021-07-21, citing
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CP(IB) No.440/…
Tribunal passed an order admitting the…
The case involves an appeal against an order passed by the National Company Law Appellate Tribunal (NCLAT), which had allowed an appeal by Punjab National Bank (PNB) against an order of the National Company Law Tribunal (NCLT). The NCLT had initially directed the liquidator to allow Eva Agro Feeds Private Limited to deposit the balance sale consideration for assets it had won in an e-auction. PNB's appeal to the NCLAT challenged this order, leading to the NCLAT setting aside the NCLT's decision and allowing the liquidator to initiate a fresh auction process. Eva Agro Feeds then appealed to the Supreme Court.
Huvepharma Sea (Pune) Private Limited initiated corporate insolvency against Amrit Feeds Limited. The NCLT admitted the application on 2019-10-22, commencing the corporate insolvency resolution process. On 2021-02-19, the NCLT ordered the liquidation of Amrit Feeds, appointing a liquidator. The liquidator scheduled an e-auction for the corporate debtor's assets. Eva Agro Feeds Private Limited, incorporated on 2021-07-09, submitted a bid on 2021-07-16 and 2021-07-17, paying an earnest money deposit (EMD) of Rs. 1 crore. The assets included land and machinery in Uttar Pradesh. Eva Agro Feeds was declared the winner of the e-auction on 2021-07-20, bidding Rs. 10 crores, matching the reserve price. However, the liquidator cancelled the e-auction on 2021-07-21, citing
…CP(IB) No.440/…
Tribunal passed an order admitting the…