The Liquidator of the Corporate Debtor sought permission to distribute two unsold properties to ICICI Bank Limited. However, the NCLT noted that there were other creditors, including CBDT, and that the properties should be sold through an open auction as per the Insolvency and Bankruptcy Code's waterfall mechanism.
The Liquidator of the Corporate Debtor filed an application, IA-2744/2023, seeking permission to distribute two unsold properties, specifically DPT 632 and DPT 633, 6th Floor, Plot 79 and 80, DLF Prime Tower, Okhla Phase-I, New Delhi-110020, to ICICI Bank Limited. This distribution was proposed in terms of Section 53 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of IBBI (Liquidation Process Regulations, 2016), subject to the payment of the Liquidator Fee and expenses as assured by ICICI Bank Limited.
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The liquidation order…
The NCLT delivered the…
The Liquidator of the Corporate Debtor sought permission to distribute two unsold properties to ICICI Bank Limited. However, the NCLT noted that there were other creditors, including CBDT, and that the properties should be sold through an open auction as per the Insolvency and Bankruptcy Code's waterfall mechanism.
The Liquidator of the Corporate Debtor filed an application, IA-2744/2023, seeking permission to distribute two unsold properties, specifically DPT 632 and DPT 633, 6th Floor, Plot 79 and 80, DLF Prime Tower, Okhla Phase-I, New Delhi-110020, to ICICI Bank Limited. This distribution was proposed in terms of Section 53 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of IBBI (Liquidation Process Regulations, 2016), subject to the payment of the Liquidator Fee and expenses as assured by ICICI Bank Limited.
The liquidation order…
The NCLT delivered the…