Central Bank of India filed CWP-22367-2021 to set aside orders passed by the Recovery Officer, DRT-III, Chandigarh, and sought directions for the Recovery Officer to proceed with the auction of properties. M/s Kaur Sain Spinners Ltd. filed CWP-11117-2022 seeking to set aside a notice issued by Tehsildar-cum-Executive Magistrate, Samrala, for possession of property. During the pendency of these petitions, Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted by NCLT, Chandigarh. An Interim Resolution Professional (IRP) was appointed. Respondent No. 9, the successful bidder in an auction, sought a refund of the bid amount after the auction was set aside by the Recovery Officer.
Central Bank of India initiated SARFAESI proceedings against M/s Kaur Sain Spinners Ltd. due to financial indiscipline. Central Bank of India filed OA-3000/2018, which was allowed, and a recovery certificate was issued for Rs.49,44,65,248/-. The Recovery Officer appointed a Local Commissioner to serve notice for the proclamation of sale. An auction was held on 05.11.2021, where M/s Nahar Spinning Mills Limited was declared the highest bidder for Rs.37.60 crores. The bidder deposited 15% of the amount and later the remaining 75%. The Recovery Officer set aside the auction on 24.04.2023 due to objections filed by shareholders and legal representatives of deceased directors. During the pendency of the writ petitions, Punjab National Bank filed a petition under Section 7
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Central Bank of India…
Recovery certificate…
Central Bank of India filed CWP-22367-2021 to set aside orders passed by the Recovery Officer, DRT-III, Chandigarh, and sought directions for the Recovery Officer to proceed with the auction of properties. M/s Kaur Sain Spinners Ltd. filed CWP-11117-2022 seeking to set aside a notice issued by Tehsildar-cum-Executive Magistrate, Samrala, for possession of property. During the pendency of these petitions, Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted by NCLT, Chandigarh. An Interim Resolution Professional (IRP) was appointed. Respondent No. 9, the successful bidder in an auction, sought a refund of the bid amount after the auction was set aside by the Recovery Officer.
Central Bank of India initiated SARFAESI proceedings against M/s Kaur Sain Spinners Ltd. due to financial indiscipline. Central Bank of India filed OA-3000/2018, which was allowed, and a recovery certificate was issued for Rs.49,44,65,248/-. The Recovery Officer appointed a Local Commissioner to serve notice for the proclamation of sale. An auction was held on 05.11.2021, where M/s Nahar Spinning Mills Limited was declared the highest bidder for Rs.37.60 crores. The bidder deposited 15% of the amount and later the remaining 75%. The Recovery Officer set aside the auction on 24.04.2023 due to objections filed by shareholders and legal representatives of deceased directors. During the pendency of the writ petitions, Punjab National Bank filed a petition under Section 7
…Central Bank of India…
Recovery certificate…