Several applicants, engaged as wholesale dealers of Generators and Alternators, filed an application under Section 60(5) of the IBC, 2016, seeking the release of Generators and Alternators from the Liquidator (Respondent No. 1) of Mathstraman Manufacturers and Traders Pvt Ltd, which is under CIRP. The applicants had placed orders with Whispower Generator Sales and Services Pvt. Ltd. (Respondent No. 2), a manufacturer of Generators and Alternators, and made advance payments. However, the goods were not delivered, and the Liquidator took possession of the Generators and Alternators based on an order from the Tribunal, claiming they belonged to Mathstraman Manufacturers and Traders Pvt Ltd. The applicants contended that the goods belonged to them as they had made payments
…Several applicants, who are wholesale dealers of Generators and Alternators, placed orders with Whispower Generator Sales and Services Pvt. Ltd. (Respondent No. 2) for the supply of Generators and Alternators. They made advance payments for these orders. Mathstraman Manufacturers and Traders Pvt Ltd is under CIRP, and K. Easwara Pillai is the Liquidator (Respondent No. 1). The Liquidator took possession of the Generators and Alternators on 2022-03-15, claiming they belonged to Mathstraman Manufacturers and Traders Pvt Ltd. The applicants contended that the Generators and Alternators were manufactured according to their specifications and that they had made full payment, giving them a first charge over the assets. The 1st Applicant booked a Generator by remitting Rs.
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Tribunal passed an…
The 2nd Applicant…
Several applicants, engaged as wholesale dealers of Generators and Alternators, filed an application under Section 60(5) of the IBC, 2016, seeking the release of Generators and Alternators from the Liquidator (Respondent No. 1) of Mathstraman Manufacturers and Traders Pvt Ltd, which is under CIRP. The applicants had placed orders with Whispower Generator Sales and Services Pvt. Ltd. (Respondent No. 2), a manufacturer of Generators and Alternators, and made advance payments. However, the goods were not delivered, and the Liquidator took possession of the Generators and Alternators based on an order from the Tribunal, claiming they belonged to Mathstraman Manufacturers and Traders Pvt Ltd. The applicants contended that the goods belonged to them as they had made payments
…Several applicants, who are wholesale dealers of Generators and Alternators, placed orders with Whispower Generator Sales and Services Pvt. Ltd. (Respondent No. 2) for the supply of Generators and Alternators. They made advance payments for these orders. Mathstraman Manufacturers and Traders Pvt Ltd is under CIRP, and K. Easwara Pillai is the Liquidator (Respondent No. 1). The Liquidator took possession of the Generators and Alternators on 2022-03-15, claiming they belonged to Mathstraman Manufacturers and Traders Pvt Ltd. The applicants contended that the Generators and Alternators were manufactured according to their specifications and that they had made full payment, giving them a first charge over the assets. The 1st Applicant booked a Generator by remitting Rs.
…Tribunal passed an…
The 2nd Applicant…