The case involves an application filed by UCO Bank, a financial creditor, in the liquidation of M/s. Transstroy India Limited. The Tribunal had previously ordered the liquidation of the company on 18.09.2019 and appointed Mr. G.V. Narasimha Rao as the Liquidator. The Committee of Creditors (CoC) had approved the liquidation in its meeting on 07.05.2019. The Liquidator requested secured and unsecured creditors to submit proof of claims. UCO Bank submitted its claim, relinquishing its security interest in current assets and collateral security, with the condition that the sale proceeds be allotted exclusively to the bank. The Liquidator, however, declined to agree to this request, stating that the proceeds would be distributed proportionally among all financial
…On 18.09.2019, the NCLT ordered the liquidation of M/s. Transstroy India Limited and appointed Mr. G.V. Narasimha Rao as Liquidator. The CoC had approved liquidation on 07.05.2019. The Liquidator requested creditors to submit proof of claims. UCO Bank submitted its claim, relinquishing security interest in current assets and collateral security, conditional on exclusive allotment of sale proceeds. The Liquidator declined this request on 11.11.2019, citing proportional distribution among creditors. UCO Bank filed an application seeking exclusive charge over property securities. The Liquidator accepted the facts of secured interest and relinquishment but argued for distribution as per Section 53 of IBC. Form-D was on record, containing the signature of the Applicant
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The Committee of…
The Tribunal ordered…
The case involves an application filed by UCO Bank, a financial creditor, in the liquidation of M/s. Transstroy India Limited. The Tribunal had previously ordered the liquidation of the company on 18.09.2019 and appointed Mr. G.V. Narasimha Rao as the Liquidator. The Committee of Creditors (CoC) had approved the liquidation in its meeting on 07.05.2019. The Liquidator requested secured and unsecured creditors to submit proof of claims. UCO Bank submitted its claim, relinquishing its security interest in current assets and collateral security, with the condition that the sale proceeds be allotted exclusively to the bank. The Liquidator, however, declined to agree to this request, stating that the proceeds would be distributed proportionally among all financial
…On 18.09.2019, the NCLT ordered the liquidation of M/s. Transstroy India Limited and appointed Mr. G.V. Narasimha Rao as Liquidator. The CoC had approved liquidation on 07.05.2019. The Liquidator requested creditors to submit proof of claims. UCO Bank submitted its claim, relinquishing security interest in current assets and collateral security, conditional on exclusive allotment of sale proceeds. The Liquidator declined this request on 11.11.2019, citing proportional distribution among creditors. UCO Bank filed an application seeking exclusive charge over property securities. The Liquidator accepted the facts of secured interest and relinquishment but argued for distribution as per Section 53 of IBC. Form-D was on record, containing the signature of the Applicant
…The Committee of…
The Tribunal ordered…