The appeal challenges the adjudicating authority's order dated 28.03.2025, which rejected I.A. No.5114/2024 filed by the appellant. The corporate debtor, Turning Point Estates Pvt. Ltd., was admitted into CIRP on 10.01.2020, and subsequently ordered for liquidation on 09.02.2023. The liquidator issued a sale notice, and the appellant was declared the successful auction purchaser but failed to deposit the full amount due to encumbrances.
Turning Point Estates Pvt. Ltd. was admitted to CIRP on 10.01.2020.
The adjudicating authority ordered the corporate debtor to be liquidated on 09.02.2023.
Xylocopa Builders & Developers Pvt. Ltd. was declared the successful auction purchaser on 19.04.2024 for Rs.81 crore.
The appellant deposited an EMD of Rs.4.05 crore and a further amount totaling to 25% (Rs.20.25 crore).
The appellant sought clarification regarding encumbrances from the Excise Department on 09.05.2024.
The liquidator cancelled the auction and forfeited the deposited amount on 14.09.2024.
The adjudicating authority rejected I.A.5114/2024 on 28.03.2025.
The liquidator conducted an 11th e-Auction on 02.05.2025, selling the assets for Rs.81 crore.
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Turning Point Estates Pvt. Ltd. was admitted to…
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The appeal challenges the adjudicating authority's order dated 28.03.2025, which rejected I.A. No.5114/2024 filed by the appellant. The corporate debtor, Turning Point Estates Pvt. Ltd., was admitted into CIRP on 10.01.2020, and subsequently ordered for liquidation on 09.02.2023. The liquidator issued a sale notice, and the appellant was declared the successful auction purchaser but failed to deposit the full amount due to encumbrances.
Turning Point Estates Pvt. Ltd. was admitted to CIRP on 10.01.2020.
The adjudicating authority ordered the corporate debtor to be liquidated on 09.02.2023.
Xylocopa Builders & Developers Pvt. Ltd. was declared the successful auction purchaser on 19.04.2024 for Rs.81 crore.
The appellant deposited an EMD of Rs.4.05 crore and a further amount totaling to 25% (Rs.20.25 crore).
The appellant sought clarification regarding encumbrances from the Excise Department on 09.05.2024.
The liquidator cancelled the auction and forfeited the deposited amount on 14.09.2024.
The adjudicating authority rejected I.A.5114/2024 on 28.03.2025.
The liquidator conducted an 11th e-Auction on 02.05.2025, selling the assets for Rs.81 crore.
Turning Point Estates Pvt. Ltd. was admitted to…
Adjudicating authority…
Sign in to view related legal provisions.