The case involves an application (MA 68/2018) filed in CA/17/2018 by the Resolution Professional (Mr. V. Nagarajan) seeking leave to amend CA/17/2018 filed in CP/511/2017. The Resolution Professional wants to insert “Para 4A” as part of the facts set out in “Para 4” of the CA. The proposed amendment relates to the sale of the Corporate Debtor's property and whether it required shareholder approval under Section 180 of the Companies Act, 2013.
The Resolution Professional filed MA 68/2018 in CA/17/2018 seeking leave to amend CA/17/2018 filed in CP/511/2017 to include “Para 4A” as part of the facts. The properties described in Annexures 'A' and 'B' to CA 17/2018, being land and building of the Corporate Debtor, were valued at Rs.90 Crore in June 2015. Within 3 months, ICICI Bank Limited acquired the property via absolute sale deeds executed by the Corporate Debtor for Rs.45 Crores. A significant portion of the proceeds was used to settle dues of M/s. Cethar Constructions Ltd., a related party (subsidiary) of the Corporate Debtor. The Resolution Professional alleges the property was sold significantly less than its value, and the sale was primarily to repay loans of the related party. The transaction occurred
…Sign in to view the parties.
Order delivered…
CIRP commencem…
The case involves an application (MA 68/2018) filed in CA/17/2018 by the Resolution Professional (Mr. V. Nagarajan) seeking leave to amend CA/17/2018 filed in CP/511/2017. The Resolution Professional wants to insert “Para 4A” as part of the facts set out in “Para 4” of the CA. The proposed amendment relates to the sale of the Corporate Debtor's property and whether it required shareholder approval under Section 180 of the Companies Act, 2013.
The Resolution Professional filed MA 68/2018 in CA/17/2018 seeking leave to amend CA/17/2018 filed in CP/511/2017 to include “Para 4A” as part of the facts. The properties described in Annexures 'A' and 'B' to CA 17/2018, being land and building of the Corporate Debtor, were valued at Rs.90 Crore in June 2015. Within 3 months, ICICI Bank Limited acquired the property via absolute sale deeds executed by the Corporate Debtor for Rs.45 Crores. A significant portion of the proceeds was used to settle dues of M/s. Cethar Constructions Ltd., a related party (subsidiary) of the Corporate Debtor. The Resolution Professional alleges the property was sold significantly less than its value, and the sale was primarily to repay loans of the related party. The transaction occurred
…Order delivered…
CIRP commencem…