The case involves IA(IBC)/508/2021 and IA(IBC)/641/2021, both filed in CP(IB) No.326/7/HDB/2018, concerning a disputed property. Khaitan Electricals Ltd., the Corporate Debtor (CD), entered Corporate Insolvency Resolution Process (CIRP) on 28th November 2018. As no resolution plan was received, liquidation was initiated on 23rd August 2019. Prior to CIRP, Mr. Akhil Ahmed and his wife Ms. Tarannum executed an agreement on 23.12.2013 to purchase land from the CD 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 the CD handed over the original title deeds to RFL on 23.01.2014.
Khaitan Electricals Ltd. entered CIRP on 28.11.2018, followed by liquidation on 23.08.2019. Prior to CIRP, Akhil Ahmed and Tarannum entered into a sale agreement on 23.12.2013 to purchase land from Khaitan Electricals for ₹1.81 crores, with a payment deadline of July 2014. Religare Finvest Ltd. sanctioned a loan of ₹10,00,00,000/- to Khaitan Electricals on 26.12.2013, and the title deeds were handed over to Religare on 23.01.2014. Akhil Ahmed informed Khaitan Electricals on 16.07.2014 that the final payment would be made by October 2014, with a cancellation clause if not paid by 31.12.2014. The Liquidator discovered 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
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Mr. Akhil Ahmed and Ms.…
Religare Finvest Limited…
The case involves IA(IBC)/508/2021 and IA(IBC)/641/2021, both filed in CP(IB) No.326/7/HDB/2018, concerning a disputed property. Khaitan Electricals Ltd., the Corporate Debtor (CD), entered Corporate Insolvency Resolution Process (CIRP) on 28th November 2018. As no resolution plan was received, liquidation was initiated on 23rd August 2019. Prior to CIRP, Mr. Akhil Ahmed and his wife Ms. Tarannum executed an agreement on 23.12.2013 to purchase land from the CD 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 the CD handed over the original title deeds to RFL on 23.01.2014.
Khaitan Electricals Ltd. entered CIRP on 28.11.2018, followed by liquidation on 23.08.2019. Prior to CIRP, Akhil Ahmed and Tarannum entered into a sale agreement on 23.12.2013 to purchase land from Khaitan Electricals for ₹1.81 crores, with a payment deadline of July 2014. Religare Finvest Ltd. sanctioned a loan of ₹10,00,00,000/- to Khaitan Electricals on 26.12.2013, and the title deeds were handed over to Religare on 23.01.2014. Akhil Ahmed informed Khaitan Electricals on 16.07.2014 that the final payment would be made by October 2014, with a cancellation clause if not paid by 31.12.2014. The Liquidator discovered 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
…Mr. Akhil Ahmed and Ms.…
Religare Finvest Limited…