M/s. Equal Commosale Private Limited was the successful bidder for two properties of the Corporate Debtor (Kharkia Steels Private Limited) in an auction by the Recovery Officer, Kolkata Debt Recovery Tribunal-II. The Corporate Debtor is under CIRP as per the order in C.P. (I.B.) No. 1440 of 2018 dated 20th September 2019. Equal Commosale paid Rs. 8,27,02,000/- as sale consideration. However, due to the initiation of CIRP, the Recovery Officer set aside the sale and withdrew the sale certificate. Despite demands, the refund was not made. Equal Commosale filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a direction to the Resolution Professional to refund the amount with interest.
M/s. Equal Commosale Private Limited was the successful bidder in an auction for two properties belonging to M/s. Kharkia Steels Private Limited (the Corporate Debtor). The auction was conducted by the Recovery Officer, Kolkata Debt Recovery Tribunal-II. The Corporate Debtor was already under CIRP, initiated by Dena Bank under Section 7 of the IBC, as per an order dated 20th September 2019. Equal Commosale paid Rs. 8,27,02,000/- as the entire sale consideration. The Recovery Officer set aside the sale on 3rd September 2019 and withdrew the sale certificate due to the ongoing CIRP. Equal Commosale requested a refund with 18% interest. The Committee of Creditors (CoC) included Dena Bank. The money was with the certificate holder banks, members of the CoC. The Resolution
…Sign in to view the parties.
Order in C.P. (I.B.) No. 1440 of 2018 dated 20th…
Recovery Officer, Debt Recovery…
M/s. Equal Commosale Private Limited was the successful bidder for two properties of the Corporate Debtor (Kharkia Steels Private Limited) in an auction by the Recovery Officer, Kolkata Debt Recovery Tribunal-II. The Corporate Debtor is under CIRP as per the order in C.P. (I.B.) No. 1440 of 2018 dated 20th September 2019. Equal Commosale paid Rs. 8,27,02,000/- as sale consideration. However, due to the initiation of CIRP, the Recovery Officer set aside the sale and withdrew the sale certificate. Despite demands, the refund was not made. Equal Commosale filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a direction to the Resolution Professional to refund the amount with interest.
M/s. Equal Commosale Private Limited was the successful bidder in an auction for two properties belonging to M/s. Kharkia Steels Private Limited (the Corporate Debtor). The auction was conducted by the Recovery Officer, Kolkata Debt Recovery Tribunal-II. The Corporate Debtor was already under CIRP, initiated by Dena Bank under Section 7 of the IBC, as per an order dated 20th September 2019. Equal Commosale paid Rs. 8,27,02,000/- as the entire sale consideration. The Recovery Officer set aside the sale on 3rd September 2019 and withdrew the sale certificate due to the ongoing CIRP. Equal Commosale requested a refund with 18% interest. The Committee of Creditors (CoC) included Dena Bank. The money was with the certificate holder banks, members of the CoC. The Resolution
…Order in C.P. (I.B.) No. 1440 of 2018 dated 20th…
Recovery Officer, Debt Recovery…