The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against the respondents to transfer an auctioned property in favor of the applicant, Groovy Structures LLP, who was the highest bidder in an e-auction. The property in question is Institutional Plot No. 02/2, Sector-154, District Gautam Budh Nagar, Noida, Uttar Pradesh, which was originally leased to the Corporate Debtor, M/S. Mega Soft Infrastructure Private Limited. The CIRP of the Corporate Debtor was initiated, and subsequently, the company went into liquidation. The liquidator issued an e-auction sale notice, and Groovy Structures LLP emerged as the highest bidder. Despite the applicant paying the entire sale consideration, the transfer of the
…Groovy Structures LLP (Applicant) participated in an e-auction for a property belonging to M/S. Mega Soft Infrastructure Private Limited (Corporate Debtor), which was under liquidation. The property is Institutional Plot No. 02/2, Sector-154, District Gautam Budh Nagar, Noida, Uttar Pradesh. The Applicant was declared the highest bidder with a bid of Rs. 8,66,00,000/-. The Liquidator accepted the bid and communicated it to the Applicant on 19.11.2019. The Tribunal allowed the sale on 03.02.2020. The Liquidator requested the Applicant to make the payment of Rs. 7,93,00,000/- towards the balance sale consideration. Due to the COVID-19 lockdown, the timeline for payment was extended. The Applicant faced financial difficulties and sought an extension of time for payment,
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Groovy Structu…
Respondent No. 1…
The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against the respondents to transfer an auctioned property in favor of the applicant, Groovy Structures LLP, who was the highest bidder in an e-auction. The property in question is Institutional Plot No. 02/2, Sector-154, District Gautam Budh Nagar, Noida, Uttar Pradesh, which was originally leased to the Corporate Debtor, M/S. Mega Soft Infrastructure Private Limited. The CIRP of the Corporate Debtor was initiated, and subsequently, the company went into liquidation. The liquidator issued an e-auction sale notice, and Groovy Structures LLP emerged as the highest bidder. Despite the applicant paying the entire sale consideration, the transfer of the
…Groovy Structures LLP (Applicant) participated in an e-auction for a property belonging to M/S. Mega Soft Infrastructure Private Limited (Corporate Debtor), which was under liquidation. The property is Institutional Plot No. 02/2, Sector-154, District Gautam Budh Nagar, Noida, Uttar Pradesh. The Applicant was declared the highest bidder with a bid of Rs. 8,66,00,000/-. The Liquidator accepted the bid and communicated it to the Applicant on 19.11.2019. The Tribunal allowed the sale on 03.02.2020. The Liquidator requested the Applicant to make the payment of Rs. 7,93,00,000/- towards the balance sale consideration. Due to the COVID-19 lockdown, the timeline for payment was extended. The Applicant faced financial difficulties and sought an extension of time for payment,
…Groovy Structu…
Respondent No. 1…