The Promoters of a Corporate Debtor filed an appeal against an order by the Adjudicating Authority, which directed them to deposit Rs. 1.5 Crore in two monthly installments. The Promoters claim that six flats belonging to the Daga family on the 9th floor can be monetized by the Resolution Professional (RP) and that they have waived their rights to these flats. They argue that the Adjudicating Authority should have directed the RP to monetize the flats instead of ordering the deposit. The bank's no objection to the charge over the flats was not raised before the Adjudicating Authority. The appellant seeks to use the proceeds from the sale of the flats to carry out further constructions and repay liabilities.

The Promoters of a Corporate Debtor filed an appeal against an order by the Adjudicating Authority, which directed them to deposit Rs. 1.5 Crore in two monthly installments. The Promoters claim that six flats belonging to the Daga family on the 9th floor can be monetized by the Resolution Professional (RP) and that they have waived their rights to these flats. They argue that the Adjudicating Authority should have directed the RP to monetize the flats instead of ordering the deposit. The bank's no objection to the charge over the flats was not raised before the Adjudicating Authority. The appellant seeks to use the proceeds from the sale of the flats to carry out further constructions and repay liabilities.