Khaitan Electricals Ltd. entered CIRP on November 28, 2018, due to the absence of a resolution plan, liquidation was initiated on August 23, 2019. Prior to CIRP, Akhil Ahmed and his wife Tarannum executed a sale agreement on December 23, 2013, to purchase land from Khaitan Electricals for ₹1.81 crores, with a payment deadline of July 2014. A loan of ₹10,00,00,000/- was sanctioned by Religare Finvest Limited (RFL) on December 26, 2013, and a facility agreement was executed on January 11, 2014. The title deeds were handed over to Religare Finvest Limited on January 23, 2014.
Khaitan Electricals Ltd. (Corporate Debtor) entered CIRP on 28.11.2018. Liquidation was initiated on 23.08.2019. Prior to CIRP, Akhil Ahmed and his wife Tarannum entered into a sale agreement on 23.12.2013 with Khaitan Electricals for land purchase for ₹1.81 crores, with a payment deadline of July 2014. A loan of ₹10,00,00,000/- was sanctioned by Religare Finvest Limited (RFL) on 26.12.2013, and a facility agreement was executed on 11.01.2014. The title deeds were handed over to Religare Finvest Limited on 23.01.2014. Akhil Ahmed failed to pay the entire amount within the stipulated period. The Liquidator found a letter dated 28.10.2018 and a post-dated cheque dated 28.02.2019 for Rs. 28,91,700/- in the desk of Mr. R. Lohariwala, the erstwhile Chief Executive Officer
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Akhil Ahmed and his wife Tarannum executed a…
Religare Finvest Limited…
Khaitan Electricals Ltd. entered CIRP on November 28, 2018, due to the absence of a resolution plan, liquidation was initiated on August 23, 2019. Prior to CIRP, Akhil Ahmed and his wife Tarannum executed a sale agreement on December 23, 2013, to purchase land from Khaitan Electricals for ₹1.81 crores, with a payment deadline of July 2014. A loan of ₹10,00,00,000/- was sanctioned by Religare Finvest Limited (RFL) on December 26, 2013, and a facility agreement was executed on January 11, 2014. The title deeds were handed over to Religare Finvest Limited on January 23, 2014.
Khaitan Electricals Ltd. (Corporate Debtor) entered CIRP on 28.11.2018. Liquidation was initiated on 23.08.2019. Prior to CIRP, Akhil Ahmed and his wife Tarannum entered into a sale agreement on 23.12.2013 with Khaitan Electricals for land purchase for ₹1.81 crores, with a payment deadline of July 2014. A loan of ₹10,00,00,000/- was sanctioned by Religare Finvest Limited (RFL) on 26.12.2013, and a facility agreement was executed on 11.01.2014. The title deeds were handed over to Religare Finvest Limited on 23.01.2014. Akhil Ahmed failed to pay the entire amount within the stipulated period. The Liquidator found a letter dated 28.10.2018 and a post-dated cheque dated 28.02.2019 for Rs. 28,91,700/- in the desk of Mr. R. Lohariwala, the erstwhile Chief Executive Officer
…Akhil Ahmed and his wife Tarannum executed a…
Religare Finvest Limited…