The case involves an application filed by M/s World Window Impex Pvt. Ltd. (Corporate Debtor) seeking a direction to State Bank of India (Financial Creditor/Respondent) to prevent them from taking over possession of the Corporate Debtor's premises and from taking any coercive action during the pendency of the petition. The main matter, IB NO. 376/(ND)/2020, is pending adjudication before the NCLT. The applicant received a notice from Karan Kaushal, appointed by the CMM Saket Courts, Delhi, as court receiver, to take physical possession of the Corporate Debtor's assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
State Bank of India initiated insolvency proceedings against M/s World Window Impex Pvt. Ltd. under the Insolvency and Bankruptcy Code (IBC), 2016. The main petition under Section 7 of the IBC is pending adjudication. M/s World Window Impex Pvt. Ltd. filed an application (I.A. No. 1273/(ND)/2021) seeking to restrain State Bank of India from taking over possession of the corporate debtor's premises. A court-appointed receiver, Karan Kaushal, issued a notice to M/s World Window Impex Pvt. Ltd. to take physical possession of the corporate debtor's assets under the SARFAESI Act, 2002, based on an order from the CMM Saket Courts, Delhi. The applicant argued that allowing the takeover would render the corporate insolvency resolution process impossible. The financial creditor
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The case involves an application filed by M/s World Window Impex Pvt. Ltd. (Corporate Debtor) seeking a direction to State Bank of India (Financial Creditor/Respondent) to prevent them from taking over possession of the Corporate Debtor's premises and from taking any coercive action during the pendency of the petition. The main matter, IB NO. 376/(ND)/2020, is pending adjudication before the NCLT. The applicant received a notice from Karan Kaushal, appointed by the CMM Saket Courts, Delhi, as court receiver, to take physical possession of the Corporate Debtor's assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
State Bank of India initiated insolvency proceedings against M/s World Window Impex Pvt. Ltd. under the Insolvency and Bankruptcy Code (IBC), 2016. The main petition under Section 7 of the IBC is pending adjudication. M/s World Window Impex Pvt. Ltd. filed an application (I.A. No. 1273/(ND)/2021) seeking to restrain State Bank of India from taking over possession of the corporate debtor's premises. A court-appointed receiver, Karan Kaushal, issued a notice to M/s World Window Impex Pvt. Ltd. to take physical possession of the corporate debtor's assets under the SARFAESI Act, 2002, based on an order from the CMM Saket Courts, Delhi. The applicant argued that allowing the takeover would render the corporate insolvency resolution process impossible. The financial creditor
…Main matter p…
Order appointi…