Case Law Details
Sauria Corporation Vs Kohinoor Pulp & Paper Private Limited (NCLT Kolkata)
NCLT held that it is the Liquidator who has to take call on what mode of sale is in the best in the interest of maximization of the value of the assets. He may not be bound by the recommendations/ advice of Stakeholder’ Consultation Committee, however, in exercise of process of consultation if something better transpires, he can take the same into consideration.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. This Court convened through video conferencing.
2. This Interlocutory Application has been filed by the applicant seeking direction to the Liquidator to carry out auction sale of the Corporate Debtor as a going concern following Swiss Challenge Method, wherein the applicant would be a Swiss challenger. It also seeks interim order of staying auction to be held as per the publication notice dated 22nd August, 2022.
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