The application was filed by State Bank of India under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, against the liquidator. The applicant sought a stay on the e-auction fixed for 26.12.2023 by the liquidator and requested that the liquidator be restrained from auctioning certain assets. The applicant contended that the assets in question do not constitute the liquidation estate and should not be auctioned before the disposal of IA No.451/2022 and 431/22, which were pending before the Adjudicating Authority.
Bhagat Ram Motorways Pvt. Ltd. is the Corporate Debtor. State Bank of India, the applicant, filed an application seeking a stay on the e-auction of certain assets by the liquidator, Arvind Kumar. The applicant claimed that the assets (Workshop & showroom and Guest House) do not form part of the liquidation estate. The liquidator argued that the applicant, being a member of the SCC with a significant voting share, did not participate in the meeting where the auction decision was made. The liquidator also stated that the assets are in the name of the Corporate Debtor in the audited balance sheets and are part of the liquidation estate under Section 36(3)(a). IA No.431/22 filed by the liquidator and IA No.451/22 filed by the applicant were withdrawn before the order
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IA No.431/22 filed by the liquidator and IA…
The NCLT dismissed the…
The application was filed by State Bank of India under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, against the liquidator. The applicant sought a stay on the e-auction fixed for 26.12.2023 by the liquidator and requested that the liquidator be restrained from auctioning certain assets. The applicant contended that the assets in question do not constitute the liquidation estate and should not be auctioned before the disposal of IA No.451/2022 and 431/22, which were pending before the Adjudicating Authority.
Bhagat Ram Motorways Pvt. Ltd. is the Corporate Debtor. State Bank of India, the applicant, filed an application seeking a stay on the e-auction of certain assets by the liquidator, Arvind Kumar. The applicant claimed that the assets (Workshop & showroom and Guest House) do not form part of the liquidation estate. The liquidator argued that the applicant, being a member of the SCC with a significant voting share, did not participate in the meeting where the auction decision was made. The liquidator also stated that the assets are in the name of the Corporate Debtor in the audited balance sheets and are part of the liquidation estate under Section 36(3)(a). IA No.431/22 filed by the liquidator and IA No.451/22 filed by the applicant were withdrawn before the order
…IA No.431/22 filed by the liquidator and IA…
The NCLT dismissed the…