The case involves two Company Appeals, No. 2382 of 2024 and No. 448 of 2025, both related to insolvency proceedings. Appeal No. 2382 challenges an order dated 24.10.2024 passed in I.A. No. 1047/2020, where an application by a Suspended Director was allowed, and a sale conducted by Respondent No. 2 was deemed in violation of Section 14(1)(c) of the IBC. Appeal No. 448 challenges the same order. The Adjudicating Authority had declared the sale in violation of Section 14(1)(c) of the IBC and set aside the sale. The CIRP against Virgo Marine Shipyards Private Limited commenced on 21.01.2020.
Nagpur Nagrik Sahakari Bank Ltd. initiated auction proceedings under the SARFAESI Act, 2002. Vyankatesh Engineers & Contractors Private Limited was declared the successful bidder on 02.12.2019, and the sale was confirmed. Respondent No. 1 challenged the auction sale before the DRT but was unsuccessful in obtaining an interim order. Subsequently, Respondent No. 1 filed I.A. No. 1047/2020 before the Adjudicating Authority, challenging the auction. The Adjudicating Authority declared the sale in violation of Section 14(1)(c) of the IBC and set aside the sale. The CIRP against Virgo Marine Shipyards Private Limited commenced on 21.01.2020. The auction notice was issued on 17.11.2019, and the successful bidder submitted its bid on 02.12.2019. The sale was not completed
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Nagpur Nagrik Sahakari…
Vyankatesh Engineers & Contractors Private…
The case involves two Company Appeals, No. 2382 of 2024 and No. 448 of 2025, both related to insolvency proceedings. Appeal No. 2382 challenges an order dated 24.10.2024 passed in I.A. No. 1047/2020, where an application by a Suspended Director was allowed, and a sale conducted by Respondent No. 2 was deemed in violation of Section 14(1)(c) of the IBC. Appeal No. 448 challenges the same order. The Adjudicating Authority had declared the sale in violation of Section 14(1)(c) of the IBC and set aside the sale. The CIRP against Virgo Marine Shipyards Private Limited commenced on 21.01.2020.
Nagpur Nagrik Sahakari Bank Ltd. initiated auction proceedings under the SARFAESI Act, 2002. Vyankatesh Engineers & Contractors Private Limited was declared the successful bidder on 02.12.2019, and the sale was confirmed. Respondent No. 1 challenged the auction sale before the DRT but was unsuccessful in obtaining an interim order. Subsequently, Respondent No. 1 filed I.A. No. 1047/2020 before the Adjudicating Authority, challenging the auction. The Adjudicating Authority declared the sale in violation of Section 14(1)(c) of the IBC and set aside the sale. The CIRP against Virgo Marine Shipyards Private Limited commenced on 21.01.2020. The auction notice was issued on 17.11.2019, and the successful bidder submitted its bid on 02.12.2019. The sale was not completed
…Nagpur Nagrik Sahakari…
Vyankatesh Engineers & Contractors Private…