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 purchased the CD as a going concern, and a sale certificate was issued. However, the applicant claimed that the liquidation process was not closed, and the Board of Directors was not
…Minerva Executive Apartments Private Limited (Corporate Debtor) was undergoing liquidation. Virani Capital Services Private Limited (Applicant) emerged as the successful bidder for the Corporate Debtor. The Liquidator issued a Sale Notice dated 24.01.2021 for the sale of the Corporate Debtor as a going concern, including leasehold rights of land admeasuring 4088 Sq. Meters. The Applicant deposited an Earnest Money Deposit (EMD) of Rs.50,00,000/- and other required documents. The Applicant participated in an E-Auction conducted on 03.02.2021 and submitted a bid for Rs.9,14,00,000/-. The Liquidator declared the Applicant as 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 the delay
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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 purchased the CD as a going concern, and a sale certificate was issued. However, the applicant claimed that the liquidation process was not closed, and the Board of Directors was not
…Minerva Executive Apartments Private Limited (Corporate Debtor) was undergoing liquidation. Virani Capital Services Private Limited (Applicant) emerged as the successful bidder for the Corporate Debtor. The Liquidator issued a Sale Notice dated 24.01.2021 for the sale of the Corporate Debtor as a going concern, including leasehold rights of land admeasuring 4088 Sq. Meters. The Applicant deposited an Earnest Money Deposit (EMD) of Rs.50,00,000/- and other required documents. The Applicant participated in an E-Auction conducted on 03.02.2021 and submitted a bid for Rs.9,14,00,000/-. The Liquidator declared the Applicant as 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 the delay
…The lease agreement between Minerva…
The Tribunal passed an…
Sign in to view related legal provisions.