The case involves the liquidation of Ganga Foundations Pvt Ltd, which was admitted into Corporate Insolvency Resolution Process (CIRP) on 2022-01-10 following a petition by State Bank of India under Section 7 of the IBC. As no resolution plan was approved, liquidation was ordered on 2023-03-15, and Mahalingam Suresh Kumar was appointed as the Liquidator. The Liquidator initiated the sale of the Corporate Debtor as a going concern through e-auctions. Three applications were filed: IA(IBC)/415(CHE)/2024 by the Liquidator seeking confirmation of the sale and immunity for the successful bidder, IA(IBC)/1701(CHE)/2023 by the Liquidator seeking handover of original title deeds, and IA(IBC)/1757(CHE)/2023 by V. Jaisankar seeking acceptance of his claim and registration of a
…On 2022-01-10, State Bank of India filed a petition under Section 7 of the IBC, leading to the admission of Ganga Foundations Pvt Ltd into Corporate Insolvency Resolution Process (CIRP). With no resolution plan materializing, liquidation was ordered on 2023-03-15, and Mahalingam Suresh Kumar was appointed as Liquidator. The Liquidator initiated e-auctions to sell the Corporate Debtor as a going concern. V. Jaisankar claimed to have entered into a sale agreement with the Corporate Debtor on 2020-11-30 for a property, paying Rs. 34,00,000/- out of a total consideration of Rs. 45,60,000/-. He also claimed to have given a loan of Rs. 50,00,000/- to the Corporate Debtor against deposit of title deeds. A memorandum of deposit of title deeds (MoDT) was executed on 2020-12-30.
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Ganga Foundations Pvt Ltd admitted into…
Liquidation ordered as no resolution plan was…
The case involves the liquidation of Ganga Foundations Pvt Ltd, which was admitted into Corporate Insolvency Resolution Process (CIRP) on 2022-01-10 following a petition by State Bank of India under Section 7 of the IBC. As no resolution plan was approved, liquidation was ordered on 2023-03-15, and Mahalingam Suresh Kumar was appointed as the Liquidator. The Liquidator initiated the sale of the Corporate Debtor as a going concern through e-auctions. Three applications were filed: IA(IBC)/415(CHE)/2024 by the Liquidator seeking confirmation of the sale and immunity for the successful bidder, IA(IBC)/1701(CHE)/2023 by the Liquidator seeking handover of original title deeds, and IA(IBC)/1757(CHE)/2023 by V. Jaisankar seeking acceptance of his claim and registration of a
…On 2022-01-10, State Bank of India filed a petition under Section 7 of the IBC, leading to the admission of Ganga Foundations Pvt Ltd into Corporate Insolvency Resolution Process (CIRP). With no resolution plan materializing, liquidation was ordered on 2023-03-15, and Mahalingam Suresh Kumar was appointed as Liquidator. The Liquidator initiated e-auctions to sell the Corporate Debtor as a going concern. V. Jaisankar claimed to have entered into a sale agreement with the Corporate Debtor on 2020-11-30 for a property, paying Rs. 34,00,000/- out of a total consideration of Rs. 45,60,000/-. He also claimed to have given a loan of Rs. 50,00,000/- to the Corporate Debtor against deposit of title deeds. A memorandum of deposit of title deeds (MoDT) was executed on 2020-12-30.
…Ganga Foundations Pvt Ltd admitted into…
Liquidation ordered as no resolution plan was…