This appeal is filed by a secured creditor, Cosmos Co-Operative Bank Ltd., challenging the order dated 14.11.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in I.A. No. 4874/2023, which directed the appellant to make a contribution out of the amount realised by it under Section 52 of the Insolvency and Bankruptcy Code, 2016, proportionately towards workmen's dues and liquidation cost.
The corporate debtor, Pandit Automotive Private Ltd., mortgaged its immovable property with the appellant as a guarantor.
The appellant issued a notice under Section 13(2) of the SARFAESI Act, 2002, to the borrower companies and the corporate debtor.
The appellant took symbolic possession of the property on 18.10.2017 after issuing a notice under Section 13(4) of the SARFAESI Act.
CIRP against the corporate debtor commenced on 12.03.2018 based on an application filed under Section 7 by Reliance Commercial Finance Limited.
The Committee of Creditors (CoC) decided on 09.07.2018 to proceed with the liquidation of the corporate debtor.
The Adjudicating Authority passed an order on 09.08.2018, directing the liquidation of the corporate debtor.
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Appellant took symbolic possession of the…
Corporate Insolvency Resolution Process (CIRP)…
This appeal is filed by a secured creditor, Cosmos Co-Operative Bank Ltd., challenging the order dated 14.11.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in I.A. No. 4874/2023, which directed the appellant to make a contribution out of the amount realised by it under Section 52 of the Insolvency and Bankruptcy Code, 2016, proportionately towards workmen's dues and liquidation cost.
The corporate debtor, Pandit Automotive Private Ltd., mortgaged its immovable property with the appellant as a guarantor.
The appellant issued a notice under Section 13(2) of the SARFAESI Act, 2002, to the borrower companies and the corporate debtor.
The appellant took symbolic possession of the property on 18.10.2017 after issuing a notice under Section 13(4) of the SARFAESI Act.
CIRP against the corporate debtor commenced on 12.03.2018 based on an application filed under Section 7 by Reliance Commercial Finance Limited.
The Committee of Creditors (CoC) decided on 09.07.2018 to proceed with the liquidation of the corporate debtor.
The Adjudicating Authority passed an order on 09.08.2018, directing the liquidation of the corporate debtor.
…Appellant took symbolic possession of the…
Corporate Insolvency Resolution Process (CIRP)…