ASJ Finsolutions Pvt. Ltd. filed an appeal against the order passed by the Adjudicating Authority on 31.03.2023, which rejected the Appellant's application for issuing directions to the Liquidator to claim chain documents for property sold to the Appellant through an e-auction. The e-auction was initiated via a notice dated 25.10.2021, requiring verification before the balance sale consideration of Rs.19,17,00,000/- was paid. The Company Petition was admitted on 02.02.2018, and liquidation was ordered on 01.03.2021. The Liquidator issued an e-auction notice on 15.11.2021. The Appellant was declared the highest bidder for property at Item No. 5, having deposited Rs. 6.39 Crores on 16.11.2021. The Liquidator issued a letter of intent on the same date, requiring the
…ASJ Finsolutions Pvt. Ltd. participated in an e-auction conducted by the Liquidator of Best Foods Ltd. and emerged as the highest bidder for property Item No. 5, depositing Rs. 6.39 Crores on 16.11.2021. The e-auction notice, dated 25.10.2021, required the Appellant to pay a balance of Rs. 19,17,00,000/-. The Liquidator issued a letter of intent on 16.11.2021, stipulating a 30-day deposit period, extendable to 90 days with interest. The Appellant failed to deposit the balance amount, citing a pending Writ Petition in the Punjab and Haryana High Court concerning the property's title, decided on 02.02.2022, and the non-disclosure of the original sale deed. The e-auction notice included details of the property and a note mentioning ongoing litigation, including Suit no.
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The Company Petition…
Order of Liquidation…
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ASJ Finsolutions Pvt. Ltd. filed an appeal against the order passed by the Adjudicating Authority on 31.03.2023, which rejected the Appellant's application for issuing directions to the Liquidator to claim chain documents for property sold to the Appellant through an e-auction. The e-auction was initiated via a notice dated 25.10.2021, requiring verification before the balance sale consideration of Rs.19,17,00,000/- was paid. The Company Petition was admitted on 02.02.2018, and liquidation was ordered on 01.03.2021. The Liquidator issued an e-auction notice on 15.11.2021. The Appellant was declared the highest bidder for property at Item No. 5, having deposited Rs. 6.39 Crores on 16.11.2021. The Liquidator issued a letter of intent on the same date, requiring the
…ASJ Finsolutions Pvt. Ltd. participated in an e-auction conducted by the Liquidator of Best Foods Ltd. and emerged as the highest bidder for property Item No. 5, depositing Rs. 6.39 Crores on 16.11.2021. The e-auction notice, dated 25.10.2021, required the Appellant to pay a balance of Rs. 19,17,00,000/-. The Liquidator issued a letter of intent on 16.11.2021, stipulating a 30-day deposit period, extendable to 90 days with interest. The Appellant failed to deposit the balance amount, citing a pending Writ Petition in the Punjab and Haryana High Court concerning the property's title, decided on 02.02.2022, and the non-disclosure of the original sale deed. The e-auction notice included details of the property and a note mentioning ongoing litigation, including Suit no.
…The Company Petition…
Order of Liquidation…
Sign in to view related legal provisions.