State Bank of India filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, against the liquidator, Arvind Kumar, seeking a stay on the e-auction of certain assets of Bhagat Ram Motorways Pvt. Ltd., arguing that these assets do not form part of the liquidation estate. The assets in question are a workshop & showroom and a guest house, both located in Rakkar Colony Una. The applicant contended that these assets should not be auctioned until IA No.451/2022 and 431/22, which are pending before the Adjudicating Authority, are disposed of.
Bhagat Ram Motorways Pvt. Ltd. is undergoing liquidation. State Bank of India, a financial creditor with a 38.23% voting share in the Stakeholders Consultative Committee (SCC), filed an application to stay the e-auction of certain assets (workshop & showroom and guest house in Rakkar Colony Una) by the liquidator, Arvind Kumar. SBI claimed these assets are not part of the liquidation estate. The liquidator argued that the assets are part of the liquidation estate as evidenced in the corporate debtor's audited balance sheets and that SBI did not attend the SCC meeting where the auction decision was made. IA No.431/22 filed by the liquidator and IA No.451/22 filed by the applicant were withdrawn. The Adjudicating Authority considered SBI's membership in the SCC and
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The liquidator withdrew IA No.431/22, and the…
The Adjudicating Authority dismissed the…
State Bank of India filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, against the liquidator, Arvind Kumar, seeking a stay on the e-auction of certain assets of Bhagat Ram Motorways Pvt. Ltd., arguing that these assets do not form part of the liquidation estate. The assets in question are a workshop & showroom and a guest house, both located in Rakkar Colony Una. The applicant contended that these assets should not be auctioned until IA No.451/2022 and 431/22, which are pending before the Adjudicating Authority, are disposed of.
Bhagat Ram Motorways Pvt. Ltd. is undergoing liquidation. State Bank of India, a financial creditor with a 38.23% voting share in the Stakeholders Consultative Committee (SCC), filed an application to stay the e-auction of certain assets (workshop & showroom and guest house in Rakkar Colony Una) by the liquidator, Arvind Kumar. SBI claimed these assets are not part of the liquidation estate. The liquidator argued that the assets are part of the liquidation estate as evidenced in the corporate debtor's audited balance sheets and that SBI did not attend the SCC meeting where the auction decision was made. IA No.431/22 filed by the liquidator and IA No.451/22 filed by the applicant were withdrawn. The Adjudicating Authority considered SBI's membership in the SCC and
…The liquidator withdrew IA No.431/22, and the…
The Adjudicating Authority dismissed the…