The case involves two appeals (CA (AT) (CH) (Ins) No. 394/2024 and CA (AT) (CH) (Ins) No. 395/2024) emanating from a common impugned order dated 22.10.2024. The appeals challenge the rejection of IA No. 167/2024 and IA No. 417/2024 in CP (IB)197/BB/2022 by the Adjudicating Authority.
CIRP proceedings against Sovereign Industries Limited were initiated in October 2022.
The subject land was sold by Basavaraj Ningappa Arekeri, a Suspended Director of the Corporate Debtor, to Chidanand Sangappa Patil on 23.01.2023.
Chidanand Sangappa Patil sold the land to the Appellant on 24.02.2023 via a registered Sale Deed.
The Corporate Debtor was admitted into CIRP on 28.03.2023.
The Appellant filed a Civil Suit (O.S. No. 16/2024) seeking a permanent injunction on 16.01.2024.
The Resolution Professional filed an application on 08.02.2024, arguing that the Civil Suit is not maintainable due to provisions of CPC, Section 14 of I&B Code, and Section 238 of I&B Code.
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CIRP proceedings…
Basavaraj Ningappa…
The case involves two appeals (CA (AT) (CH) (Ins) No. 394/2024 and CA (AT) (CH) (Ins) No. 395/2024) emanating from a common impugned order dated 22.10.2024. The appeals challenge the rejection of IA No. 167/2024 and IA No. 417/2024 in CP (IB)197/BB/2022 by the Adjudicating Authority.
CIRP proceedings against Sovereign Industries Limited were initiated in October 2022.
The subject land was sold by Basavaraj Ningappa Arekeri, a Suspended Director of the Corporate Debtor, to Chidanand Sangappa Patil on 23.01.2023.
Chidanand Sangappa Patil sold the land to the Appellant on 24.02.2023 via a registered Sale Deed.
The Corporate Debtor was admitted into CIRP on 28.03.2023.
The Appellant filed a Civil Suit (O.S. No. 16/2024) seeking a permanent injunction on 16.01.2024.
The Resolution Professional filed an application on 08.02.2024, arguing that the Civil Suit is not maintainable due to provisions of CPC, Section 14 of I&B Code, and Section 238 of I&B Code.
…CIRP proceedings…
Basavaraj Ningappa…