The case involves an appeal against an order by a Single Judge, who rejected an interlocutory application seeking interim relief. The corporate debtor, Priyadarshini Spinning Mills Limited, defaulted on dues, leading to Corporate Insolvency Resolution Process (CIRP) initiated by the corporate creditor under the Insolvency and Bankruptcy Code (IBC). NCLT initiated CIRP proceedings, and a liquidator was appointed. The liquidator issued an e-auction sale notice, where the appellant emerged as the highest bidder, deposited the bid amount, and received a sale certificate. The Sub-Registrar (respondent No. 4) declined to record the sale certificate, citing no practice of filing such certificates and potential stamp duty implications. This led to the writ petition and the
…Priyadarshini Spinning Mills Limited defaulted on dues to a corporate creditor, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). NCLT initiated CIRP proceedings, and a liquidator was appointed. The liquidator issued an e-auction sale notice for the corporate debtor's fixed assets. The appellant participated in the e-auction and emerged as the highest bidder, depositing Rs.49,92,08,000.00. The liquidator issued a sale certificate dated 25.10.2021 to the appellant under Section 35(1)(f) of IBC. The Sub-Registrar/respondent No. 4 refused to record the sale certificate, citing no practice of filing such certificates and potential stamp duty implications under Article 47-A of the Indian Stamp Act,
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NCLT initiated Corporate Insolvency Resolution…
Respondent No…
The case involves an appeal against an order by a Single Judge, who rejected an interlocutory application seeking interim relief. The corporate debtor, Priyadarshini Spinning Mills Limited, defaulted on dues, leading to Corporate Insolvency Resolution Process (CIRP) initiated by the corporate creditor under the Insolvency and Bankruptcy Code (IBC). NCLT initiated CIRP proceedings, and a liquidator was appointed. The liquidator issued an e-auction sale notice, where the appellant emerged as the highest bidder, deposited the bid amount, and received a sale certificate. The Sub-Registrar (respondent No. 4) declined to record the sale certificate, citing no practice of filing such certificates and potential stamp duty implications. This led to the writ petition and the
…Priyadarshini Spinning Mills Limited defaulted on dues to a corporate creditor, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). NCLT initiated CIRP proceedings, and a liquidator was appointed. The liquidator issued an e-auction sale notice for the corporate debtor's fixed assets. The appellant participated in the e-auction and emerged as the highest bidder, depositing Rs.49,92,08,000.00. The liquidator issued a sale certificate dated 25.10.2021 to the appellant under Section 35(1)(f) of IBC. The Sub-Registrar/respondent No. 4 refused to record the sale certificate, citing no practice of filing such certificates and potential stamp duty implications under Article 47-A of the Indian Stamp Act,
…NCLT initiated Corporate Insolvency Resolution…
Respondent No…