The case involves an application filed by the Liquidator seeking the release of a No Objection Certificate (NOC) for the registration of a Hyundai Elantra car, which was a hypothecated asset of the Corporate Debtor and sold during liquidation. The Financial Creditor, Kotak Mahindra Prime Ltd, had not submitted a claim despite public announcements and personal calls. The Section 9 petition filed by the Operational Creditor was admitted against the Corporate Debtor on 5.5.2017, leading to a liquidation order on 2.2.2018. The Liquidator conducted an auction on 7.8.2018, where the car was sold for Rs.8,50,000/- to Mr. Shreedhar Rapolu. The Financial Creditor's refusal to provide the NOC was causing hardship to the buyer.
The Corporate Debtor faced insolvency proceedings, leading to a liquidation order on 2.2.2018. An Operational Creditor's Section 9 petition was admitted on 5.5.2017. The Liquidator was appointed and conducted an auction on 7.8.2018, selling a hypothecated Hyundai Elantra car for Rs.8,50,000/- to Mr. Shreedhar Rapolu. Kotak Mahindra Prime Ltd, the Financial Creditor, failed to submit a claim despite public announcements on 11.2.2018 and personal calls. The Liquidator requested the Financial Creditor to issue a NOC for the car's registration, but they refused. The Financial Creditor had submitted a claim in Form C through email dated 1.6.2017 for a total claim of Rs.5,99,638/-. The Liquidator appointed two valuers, and the fair market value of the car was assessed at
…Sign in to view the parties.
Section 9 Petition filed by the Operational…
Financial Creditor…
The case involves an application filed by the Liquidator seeking the release of a No Objection Certificate (NOC) for the registration of a Hyundai Elantra car, which was a hypothecated asset of the Corporate Debtor and sold during liquidation. The Financial Creditor, Kotak Mahindra Prime Ltd, had not submitted a claim despite public announcements and personal calls. The Section 9 petition filed by the Operational Creditor was admitted against the Corporate Debtor on 5.5.2017, leading to a liquidation order on 2.2.2018. The Liquidator conducted an auction on 7.8.2018, where the car was sold for Rs.8,50,000/- to Mr. Shreedhar Rapolu. The Financial Creditor's refusal to provide the NOC was causing hardship to the buyer.
The Corporate Debtor faced insolvency proceedings, leading to a liquidation order on 2.2.2018. An Operational Creditor's Section 9 petition was admitted on 5.5.2017. The Liquidator was appointed and conducted an auction on 7.8.2018, selling a hypothecated Hyundai Elantra car for Rs.8,50,000/- to Mr. Shreedhar Rapolu. Kotak Mahindra Prime Ltd, the Financial Creditor, failed to submit a claim despite public announcements on 11.2.2018 and personal calls. The Liquidator requested the Financial Creditor to issue a NOC for the car's registration, but they refused. The Financial Creditor had submitted a claim in Form C through email dated 1.6.2017 for a total claim of Rs.5,99,638/-. The Liquidator appointed two valuers, and the fair market value of the car was assessed at
…Section 9 Petition filed by the Operational…
Financial Creditor…