The petition was filed under Sections 47 and 49 of the Insolvency and Bankruptcy Code, 2016, seeking an investigation into an undervalued lease deed transaction dated 2017-05-15, concerning land and factory structures. The petitioner contended that the transaction was made in favor of M/s Skyscrapers Niwas Pvt. Ltd. and was in violation of a Supreme Court order. The respondent no.1, Juggilal Kamlapat Jute Mills Company Ltd., was registered with the Board for Industrial and Financial Reconstruction (BIFR) since 1994, and any asset transfer without permission is void. The petitioner argued that the Adjudicating Authority under the I&B Code is the successor to BIFR and can declare such transactions void. The main relief sought was an investigation into the alleged
…Shiv Kant filed a petition under Sections 47 and 49 of the Insolvency & Bankruptcy Code, 2016, seeking to investigate an undervalued lease deed transaction dated 2017-05-15, involving 5 acres 35 poles 6 square yards (93.75 square inches) of land with factory sheds, godowns, and plant. The transaction favored M/s Skyscrapers Niwas Pvt. Ltd. The petitioner claimed the transaction violated a Supreme Court order. Respondent no. 1, M/S Juggilal Kamlapat Jute Mills Company Ltd., was registered with the Board for Industrial and Financial Reconstruction (BIFR) since 1994, and any asset transfer without permission is void. The petitioner argued the Adjudicating Authority under I&B Code is BIFR's successor and can void such transactions. The petitioner sought an
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Date of the undervalued lease deed transaction…
Final judgment/order passed by the Hon'ble…
The petition was filed under Sections 47 and 49 of the Insolvency and Bankruptcy Code, 2016, seeking an investigation into an undervalued lease deed transaction dated 2017-05-15, concerning land and factory structures. The petitioner contended that the transaction was made in favor of M/s Skyscrapers Niwas Pvt. Ltd. and was in violation of a Supreme Court order. The respondent no.1, Juggilal Kamlapat Jute Mills Company Ltd., was registered with the Board for Industrial and Financial Reconstruction (BIFR) since 1994, and any asset transfer without permission is void. The petitioner argued that the Adjudicating Authority under the I&B Code is the successor to BIFR and can declare such transactions void. The main relief sought was an investigation into the alleged
…Shiv Kant filed a petition under Sections 47 and 49 of the Insolvency & Bankruptcy Code, 2016, seeking to investigate an undervalued lease deed transaction dated 2017-05-15, involving 5 acres 35 poles 6 square yards (93.75 square inches) of land with factory sheds, godowns, and plant. The transaction favored M/s Skyscrapers Niwas Pvt. Ltd. The petitioner claimed the transaction violated a Supreme Court order. Respondent no. 1, M/S Juggilal Kamlapat Jute Mills Company Ltd., was registered with the Board for Industrial and Financial Reconstruction (BIFR) since 1994, and any asset transfer without permission is void. The petitioner argued the Adjudicating Authority under I&B Code is BIFR's successor and can void such transactions. The petitioner sought an
…Date of the undervalued lease deed transaction…
Final judgment/order passed by the Hon'ble…