The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with the National Company Law Tribunal Rules, 2016, by the Liquidator of the Corporate Debtor, Surana Corporation Limited, seeking relief related to the attachment of the Corporate Debtor's property by the Tax Recovery Officer prior to the commencement of the Corporate Insolvency Resolution Process (CIRP).
The Corporate Insolvency Resolution Process (CIRP) of Surana Corporation Limited commenced on October 5, 2018, based on an application filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The Tribunal appointed the Applicant as the Interim Resolution Professional and subsequently as the Resolution Professional and then as the Liquidator after the liquidation order dated October 25, 2019.
The Liquidator conducted an e-auction for the sale of the Corporate Debtor's assets on April 18, 2020.
Vinod Kumar Jain (1st Respondent) was declared the successful bidder for Rs.7,41,00,000/- in the e-auction held on May 20, 2020, and had deposited the Earnest Money Deposit (EMD) on May 12, 2020.
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The Tax Recovery…
The Corporate Insolvency Resolution Process…
The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with the National Company Law Tribunal Rules, 2016, by the Liquidator of the Corporate Debtor, Surana Corporation Limited, seeking relief related to the attachment of the Corporate Debtor's property by the Tax Recovery Officer prior to the commencement of the Corporate Insolvency Resolution Process (CIRP).
The Corporate Insolvency Resolution Process (CIRP) of Surana Corporation Limited commenced on October 5, 2018, based on an application filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The Tribunal appointed the Applicant as the Interim Resolution Professional and subsequently as the Resolution Professional and then as the Liquidator after the liquidation order dated October 25, 2019.
The Liquidator conducted an e-auction for the sale of the Corporate Debtor's assets on April 18, 2020.
Vinod Kumar Jain (1st Respondent) was declared the successful bidder for Rs.7,41,00,000/- in the e-auction held on May 20, 2020, and had deposited the Earnest Money Deposit (EMD) on May 12, 2020.
…The Tax Recovery…
The Corporate Insolvency Resolution Process…