Mount Overseas Private Limited filed a petition under Sections 424 and 434 of the Companies Act, 2013, seeking directions for Respondent No. 1 (Bee Electronics Machines Limited) to transfer the right, title, and interest in subject properties after executing the Conveyance Deed, handing over documents showing prior ownership, providing proof of settled liabilities, and handing over vacant possession. The petition also sought directions for Respondent No. 2 (Canara Bank) to execute sale deeds in favor of the Petitioner, as Respondent No. 2 had failed to do so and was in breach of previous orders. The case originates from Respondent No. 1 being declared a sick industrial company and Respondent No. 2 being appointed as the Operating Agency (OA) by the BIFR. The Petitioner
…Mount Overseas Private Limited (the Petitioner) filed a petition seeking the transfer of properties it had bid for and won in a public auction conducted by Canara Bank (Respondent No. 2), acting as the Operating Agency (OA) for Bee Electronics Machines Limited (Respondent No. 1), a sick industrial company referred to the Board for Industrial and Financial Reconstruction (BIFR). In 2012, Respondent No. 1 had liabilities, leading the BIFR to permit the sale of properties. On 29.11.2012, Respondent No. 2 advertised the sale and received five bids. The Petitioner submitted the highest bid of Rs. 2.70 crores, including an earnest money cheque of Rs. 30 lakhs. By 26.03.2013, Respondent No. 2 accepted the Petitioner's bid, and the Petitioner paid Rs. 2.40 crores on
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Respondent No. 1…
Respondent No. 1 had…
Mount Overseas Private Limited filed a petition under Sections 424 and 434 of the Companies Act, 2013, seeking directions for Respondent No. 1 (Bee Electronics Machines Limited) to transfer the right, title, and interest in subject properties after executing the Conveyance Deed, handing over documents showing prior ownership, providing proof of settled liabilities, and handing over vacant possession. The petition also sought directions for Respondent No. 2 (Canara Bank) to execute sale deeds in favor of the Petitioner, as Respondent No. 2 had failed to do so and was in breach of previous orders. The case originates from Respondent No. 1 being declared a sick industrial company and Respondent No. 2 being appointed as the Operating Agency (OA) by the BIFR. The Petitioner
…Mount Overseas Private Limited (the Petitioner) filed a petition seeking the transfer of properties it had bid for and won in a public auction conducted by Canara Bank (Respondent No. 2), acting as the Operating Agency (OA) for Bee Electronics Machines Limited (Respondent No. 1), a sick industrial company referred to the Board for Industrial and Financial Reconstruction (BIFR). In 2012, Respondent No. 1 had liabilities, leading the BIFR to permit the sale of properties. On 29.11.2012, Respondent No. 2 advertised the sale and received five bids. The Petitioner submitted the highest bid of Rs. 2.70 crores, including an earnest money cheque of Rs. 30 lakhs. By 26.03.2013, Respondent No. 2 accepted the Petitioner's bid, and the Petitioner paid Rs. 2.40 crores on
…Respondent No. 1…
Respondent No. 1 had…