West Bengal Industrial Development Corporation (WBIDC) filed an application under Section 19(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016, seeking reliefs related to factory premises, land, plant, and machineries situated at Dhunui, Post Office: Paharhati, P.S. Memary, District Burdwan, West Bengal, belonging to the Corporate Debtor M/s Dutta Agro Mills. WBIDC claimed to be holding the subject premise as owner or at least as the beneficial owner thereof, having taken possession of the property on July 22, 2016, under the State Financial Corporations Act, 1951, after the Corporate Debtor defaulted on a loan from IDBI. The Resolution Professional is seeking to foist section 52 on the
…West Bengal Industrial Development Corporation (WBIDC) claimed ownership of factory premises, land, plant, and machineries at Dhunui, P.O. Paharhati, P.S. Memary, District Burdwan, belonging to M/s Dutta Agro Mills (Corporate Debtor). WBIDC asserted it took possession on July 22, 2016, under the State Financial Corporations Act, 1951, after the Corporate Debtor defaulted on a loan from IDBI. IDBI's claim was allegedly inflated from Rs. 14 Crore to Rs. 158 Crore. A tripartite agreement dated August 13, 2010, indicated the amount lent by respondent no.2 was Rs. 14 Crore. The Resolution Professional sought to apply Section 52 of IBC, which WBIDC opposed. The Corporate Debtor was admitted into CIRP vide an order dated 04.07.2022.
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A tripartite agreement was dated August 13,…
WBIDC claimed it took possession of the…
West Bengal Industrial Development Corporation (WBIDC) filed an application under Section 19(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016, seeking reliefs related to factory premises, land, plant, and machineries situated at Dhunui, Post Office: Paharhati, P.S. Memary, District Burdwan, West Bengal, belonging to the Corporate Debtor M/s Dutta Agro Mills. WBIDC claimed to be holding the subject premise as owner or at least as the beneficial owner thereof, having taken possession of the property on July 22, 2016, under the State Financial Corporations Act, 1951, after the Corporate Debtor defaulted on a loan from IDBI. The Resolution Professional is seeking to foist section 52 on the
…West Bengal Industrial Development Corporation (WBIDC) claimed ownership of factory premises, land, plant, and machineries at Dhunui, P.O. Paharhati, P.S. Memary, District Burdwan, belonging to M/s Dutta Agro Mills (Corporate Debtor). WBIDC asserted it took possession on July 22, 2016, under the State Financial Corporations Act, 1951, after the Corporate Debtor defaulted on a loan from IDBI. IDBI's claim was allegedly inflated from Rs. 14 Crore to Rs. 158 Crore. A tripartite agreement dated August 13, 2010, indicated the amount lent by respondent no.2 was Rs. 14 Crore. The Resolution Professional sought to apply Section 52 of IBC, which WBIDC opposed. The Corporate Debtor was admitted into CIRP vide an order dated 04.07.2022.
A tripartite agreement was dated August 13,…
WBIDC claimed it took possession of the…