Widely read:
In furtherance to our communique dated September 28 2021 whereby it was intimated that pursuant to e-auction for sale of Kwality Limited (In Liquidation) as a going concern under the provisions of the Insolvency & Bankruptcy Code 2016 (IBC) the Liquidator of Kwality Limited (in liquidation) (Kwality) declared the successful bidder Kwality and issued the draft Letter of Intent dated September 27 2021 (LoI) in favour of the Successful Bidder for execution. The successful bidder executed the LoI on October 14 2021.In terms of Clause 15.3 of the Process Memorandum read with Clause 5 of the duly executed Letter of Intent (LoI) and as provided under Regulation 32 of the IBBI (Liquidation Process) Regulations 2016 framed under the IBC the Successful Bidder is required to deposit the entire sale consideration/Bid Amount within maximum period of 90 (ninety) days from date of execution of the LoI i.e. November 13 2021.
