The case involves an appeal against an order dated 25.02.2021 passed by the National Company Law Tribunal (NCLT), New Delhi, in IA No. 1009 of 2021 in CP (IB) No. 25/ND/2021. The NCLT directed the appellant to restore possession of a subject property to the respondent, which the appellant had taken over. Prior to the insolvency proceedings, the appellant had initiated proceedings under the SARFAESI Act, 2002, and had taken symbolic possession of the mortgaged property on 20.06.2019. The District Magistrate had also allowed an application by the appellant and passed an order of possession. However, subsequent to these actions, an application under Section 95 of the Code was filed to initiate insolvency proceedings against the Personal Guarantor, and the NCLT initiated
…Indiabulls Asset Reconstruction Company Ltd. (Appellant) initiated proceedings under the SARFAESI Act, 2002, against Pawan Kapoor (Respondent) and took symbolic possession of the mortgaged property on 20.06.2019. On 16.03.2020, the District Magistrate allowed the Appellant's application and passed a possession order. Actual physical possession was taken on 27.01.2021. Subsequently, on 07.01.2021, an application under Section 95 of the IBC was filed to initiate insolvency proceedings against the Respondent (Personal Guarantor). On 03.02.2021, the NCLT initiated personal insolvency against the Respondent and held that a moratorium had commenced, effective 07.01.2021. The NCLT ordered the Appellant to restore possession of the property to the Respondent. The Appellant
…Sign in to view the parties.
Appellant took symbolic…
District Magistrate…
The case involves an appeal against an order dated 25.02.2021 passed by the National Company Law Tribunal (NCLT), New Delhi, in IA No. 1009 of 2021 in CP (IB) No. 25/ND/2021. The NCLT directed the appellant to restore possession of a subject property to the respondent, which the appellant had taken over. Prior to the insolvency proceedings, the appellant had initiated proceedings under the SARFAESI Act, 2002, and had taken symbolic possession of the mortgaged property on 20.06.2019. The District Magistrate had also allowed an application by the appellant and passed an order of possession. However, subsequent to these actions, an application under Section 95 of the Code was filed to initiate insolvency proceedings against the Personal Guarantor, and the NCLT initiated
…Indiabulls Asset Reconstruction Company Ltd. (Appellant) initiated proceedings under the SARFAESI Act, 2002, against Pawan Kapoor (Respondent) and took symbolic possession of the mortgaged property on 20.06.2019. On 16.03.2020, the District Magistrate allowed the Appellant's application and passed a possession order. Actual physical possession was taken on 27.01.2021. Subsequently, on 07.01.2021, an application under Section 95 of the IBC was filed to initiate insolvency proceedings against the Respondent (Personal Guarantor). On 03.02.2021, the NCLT initiated personal insolvency against the Respondent and held that a moratorium had commenced, effective 07.01.2021. The NCLT ordered the Appellant to restore possession of the property to the Respondent. The Appellant
…Appellant took symbolic…
District Magistrate…