Bombay HC Allows ₹1,200 Cr Grand View & Forbes Plan to Revive Svadeshi Mills from Liquidation, Terms Minority Opposition “Elitist Extortion” [Read Order]

Liquidation

The Bombay High Court has upheld the revival of The Svadeshi Mills Company Ltd., which has been in liquidation since 2005, based on a revival plan endorsed by Grand View Estates Pvt. Ltd. and Forbes & Co. Ltd. who together own 53.25% of the shares of the company. The Division Bench called the objection raised…

SARFAESI Proceedings Cannot Restrain Corporate Debtor from IBC Default: NCLT Admits ₹38.28 Cr CIRP Plea [Read Order]

Liquidation

The National Company LawTribunal (NCLT) has accepted the Section 9 Application filed by Sai Kripa Indenting against Sneh Olefins Private Limited for Corporate Insolvency Resolution Process (CIRP) on account of operational debt of ₹38,28,15,122.64. The Bench ruled that the inability of the Corporate Debtor to meet its obligation, SARFAESI proceeding and proposed settlement does not…