The case involves an application filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC) 2016 by P G Sales Corporation, the successful auction purchaser of certain assets from the liquidator of the Corporate Debtor. The assets were under liquidation as per the Tribunal's order dated 23.09.2019. The primary issue arose because Laxmanbhai Mohanbhai Vegad, a security guard staying at the corporate debtor's premises, refused to vacate, claiming tenancy rights. The applicant sought the court's intervention to obtain peaceful possession of the purchased property.
P G Sales Corporation, the applicant, was the successful auction purchaser of assets belonging to the Corporate Debtor. The auction was conducted by the liquidator, Respondent No. 3, following orders from the Tribunal dated 23.09.2019. The e-auction took place on 12.03.2023, and the applicant was declared the successful bidder on 13.04.2023. The assets, consisting of land and industrial sheds, were purchased for Rs. 1,73,93,000 plus GST. A sale confirmation letter was issued on 17.05.2023, and vacant possession was handed over to the applicant on 21.06.2023. However, Laxmanbhai Mohanbhai Vegad, Respondent No. 1, a security guard who had been staying on the premises for 39 years, refused to vacate, claiming tenancy rights. He had previously filed civil suits regarding
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Tribunal o…
E-auction conducted for…
The case involves an application filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC) 2016 by P G Sales Corporation, the successful auction purchaser of certain assets from the liquidator of the Corporate Debtor. The assets were under liquidation as per the Tribunal's order dated 23.09.2019. The primary issue arose because Laxmanbhai Mohanbhai Vegad, a security guard staying at the corporate debtor's premises, refused to vacate, claiming tenancy rights. The applicant sought the court's intervention to obtain peaceful possession of the purchased property.
P G Sales Corporation, the applicant, was the successful auction purchaser of assets belonging to the Corporate Debtor. The auction was conducted by the liquidator, Respondent No. 3, following orders from the Tribunal dated 23.09.2019. The e-auction took place on 12.03.2023, and the applicant was declared the successful bidder on 13.04.2023. The assets, consisting of land and industrial sheds, were purchased for Rs. 1,73,93,000 plus GST. A sale confirmation letter was issued on 17.05.2023, and vacant possession was handed over to the applicant on 21.06.2023. However, Laxmanbhai Mohanbhai Vegad, Respondent No. 1, a security guard who had been staying on the premises for 39 years, refused to vacate, claiming tenancy rights. He had previously filed civil suits regarding
…Tribunal o…
E-auction conducted for…