The appeals challenge an order dated 24.04.2024, passed in IA(IB)No.592/(KB)/2024 in CP (IB) No. 218/(KB)/2023, which allowed an application filed by the Resolution Professional (RP). The order declared the confirmation of sale and issuance of a sale certificate in favor of the Auction Purchaser as invalid due to the initiation of CIRP and the imposition of a moratorium.
IDFC First Bank Ltd. sanctioned a Term Loan of Rs.25 crores to Monotona Tyres Ltd.
Jai Gokul Towers Pvt. Ltd. was one of the Guarantors of the Term Loan Facility.
A Mortgage Deed was executed on 01.02.2018, and the Corporate Debtor had a 1/6th share in the mortgaged property.
Financial Creditor filed a Commercial Suit (L) No.310 of 2018 against Monotona Tyres Ltd. and others for recovery of dues.
A Decree dated 04.04.2018 was passed, ordering Defendant Nos.1 to 10 to jointly and severally pay Rs.30,06,68,557/- plus interest.
Recovery Officer of DRT issued a proclamation of sale notice on 08.09.2023 for the sale of the subject land.
Quest Queen Vista LLP was declared the Successful Auction Purchaser on 12.10.2023.
…Sign in to view the parties.
Facility Agreement in October 2017, immovable…
A Mortgage Deed was…
The appeals challenge an order dated 24.04.2024, passed in IA(IB)No.592/(KB)/2024 in CP (IB) No. 218/(KB)/2023, which allowed an application filed by the Resolution Professional (RP). The order declared the confirmation of sale and issuance of a sale certificate in favor of the Auction Purchaser as invalid due to the initiation of CIRP and the imposition of a moratorium.
IDFC First Bank Ltd. sanctioned a Term Loan of Rs.25 crores to Monotona Tyres Ltd.
Jai Gokul Towers Pvt. Ltd. was one of the Guarantors of the Term Loan Facility.
A Mortgage Deed was executed on 01.02.2018, and the Corporate Debtor had a 1/6th share in the mortgaged property.
Financial Creditor filed a Commercial Suit (L) No.310 of 2018 against Monotona Tyres Ltd. and others for recovery of dues.
A Decree dated 04.04.2018 was passed, ordering Defendant Nos.1 to 10 to jointly and severally pay Rs.30,06,68,557/- plus interest.
Recovery Officer of DRT issued a proclamation of sale notice on 08.09.2023 for the sale of the subject land.
Quest Queen Vista LLP was declared the Successful Auction Purchaser on 12.10.2023.
…Facility Agreement in October 2017, immovable…
A Mortgage Deed was…