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 property belonging 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 allowed an application by the appellant and passed an order of possession on 16.03.2020, with physical possession taken on 27.01.2021. Subsequently, on 07.01.2021, an application under Section 95 of the Code was filed to initiate insolvency proceedings against the
…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 for possession, and physical possession was taken on 27.01.2021. Subsequently, on 07.01.2021, an application was filed under Section 95 of the IBC to initiate insolvency proceedings against the respondent, who is a personal guarantor. On 03.02.2021, the NCLT initiated personal insolvency against the respondent and imposed a moratorium. The NCLT ordered the appellant to restore possession of the property to the respondent. The appellant argues that their prior actions under SARFAESI
…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 property belonging 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 allowed an application by the appellant and passed an order of possession on 16.03.2020, with physical possession taken on 27.01.2021. Subsequently, on 07.01.2021, an application under Section 95 of the Code was filed to initiate insolvency proceedings against the
…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 for possession, and physical possession was taken on 27.01.2021. Subsequently, on 07.01.2021, an application was filed under Section 95 of the IBC to initiate insolvency proceedings against the respondent, who is a personal guarantor. On 03.02.2021, the NCLT initiated personal insolvency against the respondent and imposed a moratorium. The NCLT ordered the appellant to restore possession of the property to the respondent. The appellant argues that their prior actions under SARFAESI
…Appellant took symbolic…
District Magistrate…