Examples of Liquidation Regulations in a sentence
The payments made after thirty days shall attract interest at the rate of 12% p.a. and further the sale shall be cancelled if the payment is not received within 90 days as prescribed in the Liquidation Regulations.
It is proposed to sell the assets of the Corporate Debtor as per Regulation 32(a) of the Liquidation Regulations.
The timeline for payment of entire sale consideration can be extended up to 90 (Ninety) days from the date of execution of LOI, in terms of the Schedule I of the Liquidation Regulations, however, the payment made after 30 (Thirty) days from the date of execution of LOI shall attract interest at the rate of 12%.
Payment of Sale Consideration by the Successful Bidder (i) On the close of the auction, the Successful Bidder shall be required to deposit Sale Consideration within 30 days from the issuance of the LOI or 90 days from the issuance of the LOI (“Consideration Payment Date”) as per Schedule I of the Liquidation Regulations into the bank account, details of which will be given in the LoI and every such communication shall have to be in writing.
The Investor (hereinafter also referred to as “Process Applicant”) for the purposes of assignment or transfer of not-readily realisable assets of the company as being offered under Regulation 37A of Liquidation Regulations, shall not be eligible to submit a bid/offer for assignment or transfer of those assets of the Company on offer if it fails to meet the eligibility criteria as set out in Section 29A of the IBC (as amended from time to time).
We confirm that we have studied the provisions of the Code, the Liquidation Regulations and other relevant laws and regulations to enable us to submit our bid along with required documents and execute the other required documents in the event of our selection as the Successful Prospective Bidder.
It is to be noted that all taxes applicable whether Direct and / or Indirect taxes and / or duties and / or penalties and / or interest (including stamp duty implications and registration charges) on sale of Corporate Debtor on going concern basis; as the case may be in accordance with the provisions of IBC and Liquidation Regulations, as the case may be, would be borne by the Successful Bidder.
On payment of the full amount, the sale of the Corporate Debtor shall stand completed and the Liquidator shall execute a certificate of sale to consummate the sale transaction as contemplated under this Document and the Liquidation Regulations.
The Successful Bidder(s) shall be determined on the basis of highest Bid received in respect of sale of Corporate Debtor on going concern basis in accordance with the provisions of IBC and Liquidation Regulations read with Terms & Conditions as specified in the E-auction portal.
The Liquidation process of the Corporate Debtors Liquidation has been initiated under the provisions of the Code and the Liquidation Regulations by an order of Hon’ble NCLT, Mumbai Bench, dated 12th February 2020.