Kotak Mahindra Prime Limited filed an application seeking a direction to the Liquidator/Respondent to remit Rs. 39,35,000, realized from the sale of the security interest (Audi A8). Kotak Mahindra Prime Limited is an assignee of M/s. Volkswagen Finance Private Limited and claims to be a secured Financial Creditor. The Liquidator remitted only Rs. 8954, leading to the application. The Liquidator had previously filed an application (IA-3278/2021) seeking directions against Volkswagen Finance Private Limited for relinquishment of security interest due to non-compliance with Regulation 21A(2) of IBBI (Liquidation Process) Regulations, 2016. The Tribunal had directed Volkswagen Finance Private Limited to handover the asset to the Liquidator.
Kotak Mahindra Prime Limited (Applicant) sought remittance of Rs. 39,35,000 from the Liquidator/Respondent, which was realized from the sale of an Audi A8 (security interest). Kotak Mahindra Prime Limited is an assignee of Volkswagen Finance Private Limited. The Liquidator only remitted Rs. 8954. Volkswagen Finance Private Limited had failed to comply with Regulation 21A(2) of IBBI (Liquidation Process) Regulations, 2016, leading to a Tribunal order directing them to handover the asset to the Liquidator. The Corporate Debtor, FLPL Logistics Private Limited, was dissolved, and the Liquidator was discharged. The Liquidator sold the asset and distributed the proceeds to stakeholders. The key fact is that the corporate debtor was dissolved and the liquidator discharged,
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Tribunal passed an…
Tribunal directed M/s. Volkswagen Finance…
Kotak Mahindra Prime Limited filed an application seeking a direction to the Liquidator/Respondent to remit Rs. 39,35,000, realized from the sale of the security interest (Audi A8). Kotak Mahindra Prime Limited is an assignee of M/s. Volkswagen Finance Private Limited and claims to be a secured Financial Creditor. The Liquidator remitted only Rs. 8954, leading to the application. The Liquidator had previously filed an application (IA-3278/2021) seeking directions against Volkswagen Finance Private Limited for relinquishment of security interest due to non-compliance with Regulation 21A(2) of IBBI (Liquidation Process) Regulations, 2016. The Tribunal had directed Volkswagen Finance Private Limited to handover the asset to the Liquidator.
Kotak Mahindra Prime Limited (Applicant) sought remittance of Rs. 39,35,000 from the Liquidator/Respondent, which was realized from the sale of an Audi A8 (security interest). Kotak Mahindra Prime Limited is an assignee of Volkswagen Finance Private Limited. The Liquidator only remitted Rs. 8954. Volkswagen Finance Private Limited had failed to comply with Regulation 21A(2) of IBBI (Liquidation Process) Regulations, 2016, leading to a Tribunal order directing them to handover the asset to the Liquidator. The Corporate Debtor, FLPL Logistics Private Limited, was dissolved, and the Liquidator was discharged. The Liquidator sold the asset and distributed the proceeds to stakeholders. The key fact is that the corporate debtor was dissolved and the liquidator discharged,
…Tribunal passed an…
Tribunal directed M/s. Volkswagen Finance…