NCLT Mumbai Rejects Private Asset Sale, Orders Swiss Challenge for Better Value

Kotak Mahindra Bank Vs Parekh Aluminex Limited (NCLT Mumbai) The Mumbai bench of the National Company Law Tribunal (NCLT) has rejected an application by the Liquidator of Parekh Aluminex Limited seeking approval for a private sale of the corporate debtor’s 5.54% equity stake in Trishakti Power Private Limited for Rs. 35 lakh. Citing the need to maximise the realisation from the asset and noting deficiencies in the proposed process, the NCLT directed the Liquidator to conduct a fresh sale process using the Swiss Challenge method, with the current offer as the anchor bid. Parekh Aluminex L...