Sale as a Going Concern definition

Sale as a Going Concern means the sale of Corporate Debtor as a going concern as provided in regulation 32 (e) of IBBI (Liquidation Process) Regulations, 2016 together with certain land belonging to the Corporate Guarantors and mortgaged to the secured creditors which integral part of the plant of the corporate debtor under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002. In this case the existing sharehold ing of the Corporate Debtor will be extinguished and successful bidder will be allotted fresh share capital. The liabilities of the company will be settled/dealt with under section 53(1) of the Code. On the payment to secured lenders under section 53(1) of the code, the charges on the assets will be released. The title deeds of the assets will be handed over to the successful bidder.Further, it is clarified hereby that one of the Secured Lenders Saraswat Bank (1st charge holder) of Land and Building and Plant & Machinery of Unit 1 situated at is situated at Gate no- 420, 422, 423, 424-A, 424-B, 425, 426, 427, 428, 429-B, 446, 447, 448 at Plot No.424, Village-Kond ia,Taluka-Wada, off Bhiwandi Wada Road, District Thane- 42131 has not relinquished the charge in favor of the liquidator. Thereby the sale of Corporate Debtor as going concern is in this context and referred anywhere in the said document shall be excluding the Unit I.
Sale as a Going Concern means - sale of the Company is proposed to be done on "as is where is basis", "as is what is basis", "whatever there is basis" and "no recourse" basis under Regulation 32 of IBBI (Liquidation Process) Regulations, 2016 and the proposed sale of the Company on going concern basis does not entail transfer of any other title, except the title which the Company had on its assets as on date of transfer. The Liquidator does not take or assume any responsibility for any shortfall or defect or shortcoming in the moveable/ immoveable assets of the Company.
Sale as a Going Concern means sale of the Corporate Debtor in accordance with Regulation 32 (e) and Regulation 32A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

Examples of Sale as a Going Concern in a sentence

  • Umang Mehta and Rishab Murli, Beneficial Liquidation: Sale as a Going Concern, (Apr.

  • It may be that the appraisers determine that other valuation methods should be used; if so, steps 6a and b and step 10 would be different depending upon the method chosen.Section 2000 Decision FlowchartPiecemeal Liquidation Value Sale as a Going Concern in a Liquidation5.

  • Such amendment being introduction of Regulation 32A withregard to Sale as a Going Concern inserted on 25.07.2019.

  • The Liquidator had unequivocally communicated to the Applicant that the Sale as a Going Concern was in accordance with the process of Tender documents and the Code, hence the Applicant can not be allowed to step back on the ill-founded ground of absence of Order of this Tribunal extending the period of 90 days to conclude the sale.

  • Company Appeal (AT)(Ins) No. 896 of 2020 held that as per Regulation 32A of the IBBI (Liquidation process) Regulations, 2016 the Sale as a 'Going Concern' means sale of assets as well as liabilities and not assets and liabilities.

  • January 11, 2022, decided that Sale as a 'Going Concern' means sale of assets as well as liabilities and not assets sans liabilities and all assets and liabilities, which constitute an integral business of the CD would be transferred together and the consideration paid must be for the business of the CD.NCLAT, New Delhi in the matter of Shiv Shakthi Inter Globe Exports Pvt Ltd Vs. KTC Foods Private Limited dt.

  • Determine value based on Discounted Cash Flow analysis.4. Calculate Piecemeal Liquidation Value.ATTY\AJS\1653854.1Piecemeal Liquidation Value Sale as a Going Concern in a LiquidationNo13.


More Definitions of Sale as a Going Concern

Sale as a Going Concern means the sale of Corporate Debtor as a going concern as provided in regulation 32 (e) of IBBI (Liquidation Process) Regulations, 2016. In this case the existing shareholding of the Corporate Debtor will be extinguished and successful bidder will be allotted fresh share capital. The liabilities of the company will be settled/dealt with under section 53(1) of the Code. On the payment to secured lenders under section 53(1) of the code, the charges on the assets will be released. The title deeds of the assets will be handed over to the successful bidder.
Sale as a Going Concern means, as prescribed in Regulation 32A of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 with full adoption/taking over of all live bank guarantees (“BG”) of C&C Constructions Ltd, in favour of various customers/authorities excluding personal bank guarantees, third party securities in favour of lenders, benefits arising pursuant to avoidance applications filed by resolution professional of C&C Constructions lim- ited, and right to pursue avoidance applications filed by resolution professional of C&C con- structions limited.

Related to Sale as a Going Concern

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  • Person acting as a parent means a person, other than a parent, who:

  • Business concern means any corporation, company, limited liability company, partnership, joint venture, trust, unincorporated association or any other form of association.

  • Qualified business means a for-profit business that obtains services relating to that business from 30 or fewer employees or employees of independent contractors performing services substantially similar to employees during a random week in the year ending on the tax day. If a person is a unified business group as that term is defined in section 117 of the Michigan business tax act, 2007 PA 36, MCL 208.1117, the number of employees from whom services are obtained includes all employees of the unitary business group and employees of independent contractors of the unitary business group rendering services to the qualified business.

  • Women-owned business concern means a concern which is at least 51 percent owned by one or more women; or in the case of any publicly owned business, at least 51 percent of its stock is owned by one or more women; and whose management and daily business operations are controlled by one or more women.

  • Fully Diluted Basis means, when calculating the number of Outstanding Units for any period, a basis that includes, in addition to the Outstanding Units, all Partnership Securities and options, rights, warrants and appreciation rights relating to an equity interest in the Partnership (a) that are convertible into or exercisable or exchangeable for Units that are senior to or pari passu with the Subordinated Units, (b) whose conversion, exercise or exchange price is less than the Current Market Price on the date of such calculation, (c) that may be converted into or exercised or exchanged for such Units prior to or during the Quarter immediately following the end of the period for which the calculation is being made without the satisfaction of any contingency beyond the control of the holder other than the payment of consideration and the compliance with administrative mechanics applicable to such conversion, exercise or exchange and (d) that were not converted into or exercised or exchanged for such Units during the period for which the calculation is being made; provided, that for purposes of determining the number of Outstanding Units on a Fully Diluted Basis when calculating whether the Subordination Period has ended or the Subordinated Units are entitled to convert into Common Units pursuant to Section 5.7, such Partnership Securities, options, rights, warrants and appreciation rights shall be deemed to have been Outstanding Units only for the four Quarters that comprise the last four Quarters of the measurement period; provided, further, that if consideration will be paid to any Group Member in connection with such conversion, exercise or exchange, the number of Units to be included in such calculation shall be that number equal to the difference between (i) the number of Units issuable upon such conversion, exercise or exchange and (ii) the number of Units that such consideration would purchase at the Current Market Price.

  • Permitted Transaction means any transaction involving (i) a Swap that is not a Required Transaction or (ii) a Required Transaction that is a component of a Covered Package Transaction.

  • Liquid Assets mean Borrower's cash on hand plus Borrower's readily marketable securities.

  • Fully Diluted Capitalization means the aggregate number, as of immediately prior to the First Equity Financing, of issued and outstanding shares of Capital Stock, assuming full conversion or exercise of all convertible and exercisable securities then outstanding, including shares of convertible Preferred Stock and all outstanding vested or unvested options or warrants to purchase Capital Stock, but excluding (i) the issuance of all shares of Capital Stock reserved and available for future issuance under any of the Company’s existing equity incentive plans, (ii) convertible promissory notes issued by the Company, (iii) any SAFEs, and (iv) any equity securities that are issuable upon conversion of any outstanding convertible promissory notes or SAFEs.

  • Related Business Assets means assets (other than cash or Cash Equivalents) used or useful in a Similar Business; provided that any assets received by the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary.

  • Qualified Affiliate means an Affiliate of a Lender who has executed and delivered to the Administrative Agent an instrument of adhesion in the form set forth in Schedule J.

  • Qualified Equity Interests means any Equity Interests that are not Disqualified Equity Interests.

  • Minority-owned business means a business concern which is at least 51% owned by one or more minority persons, or in the case of a corporation, at least 51% of the stock in which is owned by one or more minority persons; and the management and daily business operations of which are controlled by one or more of the minority individuals who own it.

  • Minority Business means a business: