The case involves multiple applications (IA IBC 784/2022, MA IBC 123/2021, and IA IBC 640/2022) filed in the Corporate Insolvency Resolution Process (CIRP) of AKR Holdings Private Limited. The CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 by a financial creditor, M/s Global Infra. The corporate debtor was sent to liquidation. The core dispute revolves around the distribution of proceeds from the sale of the corporate debtor's immovable property, specifically concerning the claims of two financial creditors: Indian Overseas Bank (IOB) and Tamilnad Mercantile Bank (TMB). The liquidator sought directions regarding the handover of original title documents, while IOB sought a declaration that TMB be treated as an
…AKR Holdings Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) initiated by M/s Global Infra. The CIRP led to liquidation, with N. Kumar appointed as the liquidator. The corporate debtor had provided a corporate guarantee to IOB for facilities availed by AKR Home Depot Pvt Ltd and AKR Infrastructure Ltd, who defaulted on repayments, leading to NPA classification. IOB filed OA no 682 of 2015 in Debt Recovery Tribunal (DRT) against its borrowers, including the corporate debtor, and obtained a Recovery Certificate dated 21.09.2017 for Rs.11,27,57,994.98. The corporate debtor also stood as a corporate guarantor to TMB for facilities availed by M/s. Matrix Metal Traders Pvt Ltd and created a mortgage on property at 60 MKN Road,
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Corporate Debtor acquired property vide Sale…
AKR Holdings Pvt Ltd deposited title deeds with…
The case involves multiple applications (IA IBC 784/2022, MA IBC 123/2021, and IA IBC 640/2022) filed in the Corporate Insolvency Resolution Process (CIRP) of AKR Holdings Private Limited. The CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 by a financial creditor, M/s Global Infra. The corporate debtor was sent to liquidation. The core dispute revolves around the distribution of proceeds from the sale of the corporate debtor's immovable property, specifically concerning the claims of two financial creditors: Indian Overseas Bank (IOB) and Tamilnad Mercantile Bank (TMB). The liquidator sought directions regarding the handover of original title documents, while IOB sought a declaration that TMB be treated as an
…AKR Holdings Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) initiated by M/s Global Infra. The CIRP led to liquidation, with N. Kumar appointed as the liquidator. The corporate debtor had provided a corporate guarantee to IOB for facilities availed by AKR Home Depot Pvt Ltd and AKR Infrastructure Ltd, who defaulted on repayments, leading to NPA classification. IOB filed OA no 682 of 2015 in Debt Recovery Tribunal (DRT) against its borrowers, including the corporate debtor, and obtained a Recovery Certificate dated 21.09.2017 for Rs.11,27,57,994.98. The corporate debtor also stood as a corporate guarantor to TMB for facilities availed by M/s. Matrix Metal Traders Pvt Ltd and created a mortgage on property at 60 MKN Road,
…Corporate Debtor acquired property vide Sale…
AKR Holdings Pvt Ltd deposited title deeds with…