The National Company Law Appellate Tribunal (NCLAT), Principal Bench at New Delhi, has issued a significant ruling in the liquidation of Corporate Power Limited (CPL), setting aside the earlier private sale process and directing the liquidator to conduct a fresh sale via the Swiss Challenge Mechanism.
The judgment was delivered in a batch of appeals filed by Orissa Alloy Steel Private Limited (OASPL), the original anchor bidder, and SM Steels and Power Limited (SMSPL), which had challenged the process.
Corporate Power Limited was admitted into Corporate Insolvency Resolution Process (CIRP) in March 2020 and subsequently moved into liquidation. After multiple unsuccessful e-auctions, OASPL submitted a private sale offer…