The case involves an application filed by Virani Capital Services Private Limited, the successful bidder for the Corporate Debtor (CD), Minerva Executive Apartments Private Limited, which was undergoing liquidation. The applicant sought a direction that they are not liable to pay lease rentals to Respondent No. 1, Neelakanta Enterprises Private Limited, from the date of reconstitution of the Board and after changing the status of the CD from 'Liquidation' to 'Active'. The CD had entered into a lease agreement with Respondent No. 1 for land admeasuring 4088 Sq. Meters. The applicant argued that since the liquidation process was not formally completed, they were not obligated to pay the lease rent. The respondent contended that the applicant took possession of the
…Minerva Executive Apartments Private Limited (Corporate Debtor) was undergoing liquidation. Virani Capital Services Private Limited (Applicant) emerged as the successful bidder. The Liquidator issued a Sale Notice dated 24.01.2021 for the sale of the CD as a whole as a going concern. The Applicant deposited an Earnest Money Deposit (EMD) of Rs.50,00,000/- and participated in an E-Auction on 03.02.2021, submitting a bid for Rs.9,14,00,000/-, and was declared the Successful Bidder on 03.02.2021. The Applicant paid the entire sale consideration along with an interest amount of Rs.8,95,035/- for a delay of 41 days on 20.04.2021, and the Liquidator issued a Sale Certificate on 11.05.2021. The CD had a lease agreement with Neelakanta Enterprises Private Limited (Respondent
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The case involves an application filed by Virani Capital Services Private Limited, the successful bidder for the Corporate Debtor (CD), Minerva Executive Apartments Private Limited, which was undergoing liquidation. The applicant sought a direction that they are not liable to pay lease rentals to Respondent No. 1, Neelakanta Enterprises Private Limited, from the date of reconstitution of the Board and after changing the status of the CD from 'Liquidation' to 'Active'. The CD had entered into a lease agreement with Respondent No. 1 for land admeasuring 4088 Sq. Meters. The applicant argued that since the liquidation process was not formally completed, they were not obligated to pay the lease rent. The respondent contended that the applicant took possession of the
…Minerva Executive Apartments Private Limited (Corporate Debtor) was undergoing liquidation. Virani Capital Services Private Limited (Applicant) emerged as the successful bidder. The Liquidator issued a Sale Notice dated 24.01.2021 for the sale of the CD as a whole as a going concern. The Applicant deposited an Earnest Money Deposit (EMD) of Rs.50,00,000/- and participated in an E-Auction on 03.02.2021, submitting a bid for Rs.9,14,00,000/-, and was declared the Successful Bidder on 03.02.2021. The Applicant paid the entire sale consideration along with an interest amount of Rs.8,95,035/- for a delay of 41 days on 20.04.2021, and the Liquidator issued a Sale Certificate on 11.05.2021. The CD had a lease agreement with Neelakanta Enterprises Private Limited (Respondent
…Tribunal passed an…
Liquidator issued Sale…