The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, which dismissed an application filed by the Liquidator of Atlanti Spinning and Weaving Mills Limited (Corporate Debtor). The Liquidator sought to declare a Sale Deed dated 11/08/2008, executed by the Corporate Debtor in favor of Dolly Investment Company Private Limited (Respondent), as a fraudulent transaction under Section 66 of the Insolvency and Bankruptcy Code (IBC). The property in question is located in Goa. The NCLT dismissed the application, stating that the Liquidator failed to establish that the sale transaction was fraudulent.
Atlanti Spinning and Weaving Mills Limited (Corporate Debtor) was undergoing liquidation. The Liquidator challenged a Sale Deed dated 11/08/2008, executed by the Corporate Debtor in favor of Dolly Investment Company Private Limited (Respondent), concerning property in Goa. The Liquidator alleged the sale was fraudulent under Section 66 of the IBC. The Sale Deed stated a consideration of Rs. 50,00,000/- paid in 1989. The Liquidator argued the Corporate Debtor and Respondent were related parties. The Liquidator claimed Mr. R.N. Yadav, who signed the Sale Deed, was not a valid director. The Liquidator pointed to a 20-year delay in executing the Sale Deed and alleged a letter dated 18/05/1989 was fabricated. The Respondent claimed the Sale Deed was valid, the consideration
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The Sale Agreement…
Bank of Baroda issued a letter stating that an…
The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, which dismissed an application filed by the Liquidator of Atlanti Spinning and Weaving Mills Limited (Corporate Debtor). The Liquidator sought to declare a Sale Deed dated 11/08/2008, executed by the Corporate Debtor in favor of Dolly Investment Company Private Limited (Respondent), as a fraudulent transaction under Section 66 of the Insolvency and Bankruptcy Code (IBC). The property in question is located in Goa. The NCLT dismissed the application, stating that the Liquidator failed to establish that the sale transaction was fraudulent.
Atlanti Spinning and Weaving Mills Limited (Corporate Debtor) was undergoing liquidation. The Liquidator challenged a Sale Deed dated 11/08/2008, executed by the Corporate Debtor in favor of Dolly Investment Company Private Limited (Respondent), concerning property in Goa. The Liquidator alleged the sale was fraudulent under Section 66 of the IBC. The Sale Deed stated a consideration of Rs. 50,00,000/- paid in 1989. The Liquidator argued the Corporate Debtor and Respondent were related parties. The Liquidator claimed Mr. R.N. Yadav, who signed the Sale Deed, was not a valid director. The Liquidator pointed to a 20-year delay in executing the Sale Deed and alleged a letter dated 18/05/1989 was fabricated. The Respondent claimed the Sale Deed was valid, the consideration
…The Sale Agreement…
Bank of Baroda issued a letter stating that an…