The case involves an application (I.A. 1047/2020) filed in C.P. 1600/I&B/MB/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by Mohanlal Ayyapan Pillai, the Founder and Suspended Managing Director of Virgo Marine Shipyards. The application seeks several reliefs, including holding the sale of a vessel (MV. VM Hopper Barge H-107) from Respondent No. 2 (Nagpur Nagrik Sahkari Bank Ltd.) to Respondent No. 3 (Vyankatesh Engineers & Contractors Pvt. Ltd.) as violative of the moratorium imposed under Section 14 of the IBC, and as a preferential, undervalued, and fraudulent transaction. The applicant also seeks directions to restore the vessel to the corporate applicant's assets and confirm the appointment of the Interim Resolution Professional (IRP).
Mohanlal Ayyapan Pillai, the Founder and Suspended Managing Director of Virgo Marine Shipyards, filed an application seeking to challenge the sale of a vessel, MV. VM Hopper Barge H-107. Nagpur Nagrik Sahkari Bank Ltd. (Respondent No. 2) had advanced credit facilities to Virgo Marine Shipyards, secured by the vessel. Due to defaults in repayment, the loan account was declared an NPA, and the bank initiated SARFAESI proceedings, including taking possession of the vessel and attempting to sell it through public auctions. Vyankatesh Engineers & Contractors Pvt. Ltd. (Respondent No. 3) purchased the vessel in an auction. The sale was confirmed on 02.12.2019, and Respondent No. 2 received 25% sale consideration from Respondent No. 3 on the same date. The admission order
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Nagpur Nagrik Sahkari Bank Ltd. advanced…
The Loan Account of the Corporate Debtor was…
The case involves an application (I.A. 1047/2020) filed in C.P. 1600/I&B/MB/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by Mohanlal Ayyapan Pillai, the Founder and Suspended Managing Director of Virgo Marine Shipyards. The application seeks several reliefs, including holding the sale of a vessel (MV. VM Hopper Barge H-107) from Respondent No. 2 (Nagpur Nagrik Sahkari Bank Ltd.) to Respondent No. 3 (Vyankatesh Engineers & Contractors Pvt. Ltd.) as violative of the moratorium imposed under Section 14 of the IBC, and as a preferential, undervalued, and fraudulent transaction. The applicant also seeks directions to restore the vessel to the corporate applicant's assets and confirm the appointment of the Interim Resolution Professional (IRP).
Mohanlal Ayyapan Pillai, the Founder and Suspended Managing Director of Virgo Marine Shipyards, filed an application seeking to challenge the sale of a vessel, MV. VM Hopper Barge H-107. Nagpur Nagrik Sahkari Bank Ltd. (Respondent No. 2) had advanced credit facilities to Virgo Marine Shipyards, secured by the vessel. Due to defaults in repayment, the loan account was declared an NPA, and the bank initiated SARFAESI proceedings, including taking possession of the vessel and attempting to sell it through public auctions. Vyankatesh Engineers & Contractors Pvt. Ltd. (Respondent No. 3) purchased the vessel in an auction. The sale was confirmed on 02.12.2019, and Respondent No. 2 received 25% sale consideration from Respondent No. 3 on the same date. The admission order
…Nagpur Nagrik Sahkari Bank Ltd. advanced…
The Loan Account of the Corporate Debtor was…