The case involves a writ petition filed by M/S Usha India Limited through its Resolution Professional (RP) seeking the release of fixed deposit amounts held by Indian Bank. Usha India Limited, identified as the Corporate Debtor, had its properties auctioned in 2007 under the SARFAESI Act due to its failure to repay debts. IFCI Ltd., another creditor, also challenged the actions taken by other creditors. The DRT-1 took possession of the surplus amount from the auction. Subsequently, CIRP was initiated against Usha India Ltd. by an order of the NCLT, Allahabad. The IRP informed DRT-1 about the moratorium declared under Section 14 of the IBC and approached the High Court for the release of the fixed deposits.
Usha India Limited (Corporate Debtor) defaulted on debt repayments, leading to the auction of its mortgaged properties by Indian Bank on 2007-01-23 under the SARFAESI Act. The auction generated Rs. 29,93,01,000. Usha India Limited challenged the auction by filing an SA under Section 17 of the SARFAESI Act. IFCI Ltd., another creditor, also challenged the actions of other creditors. DRT-1 took possession of the surplus amount and issued FDRs in favor of Registrar DRT-1. SA No. 01/2007 was dismissed for non-prosecution on 2018-01-31. CIRP was initiated against Usha India Ltd. by NCLT, Allahabad. Mr. Chirag Rajendra Kumar Shah was appointed as the Resolution Professional on 2023-10-05. The IRP informed DRT-1 about the moratorium under Section 14 of the IBC on 2023-10-08
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Properties of Usha…
SA No. 01/2007 was…
The case involves a writ petition filed by M/S Usha India Limited through its Resolution Professional (RP) seeking the release of fixed deposit amounts held by Indian Bank. Usha India Limited, identified as the Corporate Debtor, had its properties auctioned in 2007 under the SARFAESI Act due to its failure to repay debts. IFCI Ltd., another creditor, also challenged the actions taken by other creditors. The DRT-1 took possession of the surplus amount from the auction. Subsequently, CIRP was initiated against Usha India Ltd. by an order of the NCLT, Allahabad. The IRP informed DRT-1 about the moratorium declared under Section 14 of the IBC and approached the High Court for the release of the fixed deposits.
Usha India Limited (Corporate Debtor) defaulted on debt repayments, leading to the auction of its mortgaged properties by Indian Bank on 2007-01-23 under the SARFAESI Act. The auction generated Rs. 29,93,01,000. Usha India Limited challenged the auction by filing an SA under Section 17 of the SARFAESI Act. IFCI Ltd., another creditor, also challenged the actions of other creditors. DRT-1 took possession of the surplus amount and issued FDRs in favor of Registrar DRT-1. SA No. 01/2007 was dismissed for non-prosecution on 2018-01-31. CIRP was initiated against Usha India Ltd. by NCLT, Allahabad. Mr. Chirag Rajendra Kumar Shah was appointed as the Resolution Professional on 2023-10-05. The IRP informed DRT-1 about the moratorium under Section 14 of the IBC on 2023-10-08
…Properties of Usha…
SA No. 01/2007 was…