The appeal was filed under Section 62 of the Insolvency and Bankruptcy Code, 2016, against the order of the National Company Law Appellate Tribunal (NCLAT) which dismissed the appellant's appeal against the order of the National Company Law Tribunal (NCLT). The NCLT had dismissed the appellant's application to declare a sale transaction dated 11.08.2008 in favor of the respondent as void and fraudulent.
The corporate debtor (Atlanti Spinning and Weaving Mills Ltd.) was under Corporate Insolvency Resolution Process (CIRP) vide order dated 9.10.2018.
CIRP was not successful, and NCLT ordered for liquidation of the corporate debtor on 09.01.2020, appointing a liquidator.
The liquidator filed an application to declare the sale transaction dated 11.8.2008 executed by the corporate debtor in favor of the respondent as void and fraudulent.
The subject matter of the sale transaction was purchased for Rs.50 lacs by the corporate debtor in an auction held in 1989.
The sale deed executed on 11.08.2008 by the corporate debtor in favor of the respondent recited that the sale was being executed to honor the agreement of 1989.
…Sign in to view the parties.
Agreement to sell the…
Registered sale…
The appeal was filed under Section 62 of the Insolvency and Bankruptcy Code, 2016, against the order of the National Company Law Appellate Tribunal (NCLAT) which dismissed the appellant's appeal against the order of the National Company Law Tribunal (NCLT). The NCLT had dismissed the appellant's application to declare a sale transaction dated 11.08.2008 in favor of the respondent as void and fraudulent.
The corporate debtor (Atlanti Spinning and Weaving Mills Ltd.) was under Corporate Insolvency Resolution Process (CIRP) vide order dated 9.10.2018.
CIRP was not successful, and NCLT ordered for liquidation of the corporate debtor on 09.01.2020, appointing a liquidator.
The liquidator filed an application to declare the sale transaction dated 11.8.2008 executed by the corporate debtor in favor of the respondent as void and fraudulent.
The subject matter of the sale transaction was purchased for Rs.50 lacs by the corporate debtor in an auction held in 1989.
The sale deed executed on 11.08.2008 by the corporate debtor in favor of the respondent recited that the sale was being executed to honor the agreement of 1989.
…Agreement to sell the…
Registered sale…