The National Company Law Appellate Tribunal (NCLAT) has set aside the private sale of Corporate Power Ltd (CPL) to Orissa Alloy Steel Private Limited (OASPL), citing procedural lapses and lack of transparency in the liquidation process. The tribunal has directed the liquidator to conduct a fresh Swiss Challenge auction within 60 days. The ruling came in response to two appeals — one by OASPL, the original anchor bidder, and another by SM Steels and Power Limited (SMSPL), which had challenged the sale process after it was concluded.
Background of the case
Corporate Power Ltd was admitted into corporate insolvency in March 2020 and ordered into liquidation in October 2021. Over the next three years, the liquidator…