The case involves an application filed by the Resolution Professional of Bombay Rayon Fashions Limited under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking directions to conclude the sale of the Corporate Debtor's Mysore Unit. The Corporate Debtor was admitted into CIRP on 07.06.2022. Prior to CIRP, the Corporate Debtor had availed financial assistance from Allahabad Bank and mortgaged the Mysore Unit. The Corporate Debtor defaulted on loan repayment, leading to a demand notice under the SARFAESI Act. Allahabad Bank assigned the outstanding debt and security interest to JMFARCL. JMFARC took symbolic possession of the Mysore Unit. An agreement for sale of the Mysore Unit was entered into with Mr. Adil Azeez and Mr. Azim Azeez on 26.04.2022, but the
…Bombay Rayon Fashions Limited (Corporate Debtor) faced financial difficulties and availed financial assistance from Allahabad Bank, mortgaging its Mysore Unit. The Corporate Debtor defaulted on loan repayments, leading to a demand notice under the SARFAESI Act. Allahabad Bank assigned the debt and security interest to JMFARCL, which took symbolic possession of the Mysore Unit. Before CIRP commencement, an agreement for sale of the Mysore Unit was entered into with Mr. Adil Azeez and Mr. Azim Azeez on 26.04.2022, with INR 9,00,00,000 already paid. The Corporate Debtor was admitted into CIRP on 07.06.2022. The Resolution Professional filed an application to conclude the sale of the Mysore Unit. The CoC approved the sale on 11.11.2022 with a 99.77% majority. The applicant
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Allahabad Bank issued a demand notice to the…
Allahabad Bank assigned…
The case involves an application filed by the Resolution Professional of Bombay Rayon Fashions Limited under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking directions to conclude the sale of the Corporate Debtor's Mysore Unit. The Corporate Debtor was admitted into CIRP on 07.06.2022. Prior to CIRP, the Corporate Debtor had availed financial assistance from Allahabad Bank and mortgaged the Mysore Unit. The Corporate Debtor defaulted on loan repayment, leading to a demand notice under the SARFAESI Act. Allahabad Bank assigned the outstanding debt and security interest to JMFARCL. JMFARC took symbolic possession of the Mysore Unit. An agreement for sale of the Mysore Unit was entered into with Mr. Adil Azeez and Mr. Azim Azeez on 26.04.2022, but the
…Bombay Rayon Fashions Limited (Corporate Debtor) faced financial difficulties and availed financial assistance from Allahabad Bank, mortgaging its Mysore Unit. The Corporate Debtor defaulted on loan repayments, leading to a demand notice under the SARFAESI Act. Allahabad Bank assigned the debt and security interest to JMFARCL, which took symbolic possession of the Mysore Unit. Before CIRP commencement, an agreement for sale of the Mysore Unit was entered into with Mr. Adil Azeez and Mr. Azim Azeez on 26.04.2022, with INR 9,00,00,000 already paid. The Corporate Debtor was admitted into CIRP on 07.06.2022. The Resolution Professional filed an application to conclude the sale of the Mysore Unit. The CoC approved the sale on 11.11.2022 with a 99.77% majority. The applicant
…Allahabad Bank issued a demand notice to the…
Allahabad Bank assigned…