NCLT allows petition giving liberty to the liquidator to reduce the reserve price by 20% from the previous reserve price – Bank of Maharastra Vs. SVSVS Projects Pvt. Ltd. – NCLT Hyderabad Bench

This application is filed in terms of Regulation 31A (7) of the IBBI (Liquidation Process) Regulations 2016 by the Liquidator seeking for leave to reduce the reserve price by 20%, on the grounds that the two earlier sales remained unsuccessful, and that the assets to be sold are receivable only. Taking into consideration the fact that two sales at the reserve price as arrived by the liquidator remain unsuccessful and the assets to be sold being receivables only, any further delay in sale of receivables will result in deterioration of the value of liquidation assets, in the interest of liquidation, we allow this petition, giving liberty to the liquidator to reduce the reserve price by 20% from the previous reserve price with a direction that liquidator shall forthwith initiate steps for sale of the receivables as expeditiously as possible by following the due procedure.

NCLT allows petition giving liberty to the liquidator to reduce the reserve price by 20% from the previous reserve price – Bank of Maharastra Vs. SVSVS Projects Pvt. Ltd. – NCLT Hyderabad Bench Read Post »