The case involves an application under Section 60(5) read with Section 52 of the IBC, 2016, and Regulation 21A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. State Bank of India, a secured creditor of Purple Advertising Services Private Limited (under liquidation), filed an application against the liquidator, Shyamal Kumar Bhattacharjee, and UCO Bank. The application contests the liquidator's letter dated 15.12.2022, which treats assets subject to security as part of the liquidation estate and initiates an auction for the corporate debtor's property as a going concern. SBI claims it had not relinquished its security interest and that the liquidator's actions impede its rights under Section 52 of the IBC.
The corporate debtor, Purple Advertising Services Private Limited, is undergoing liquidation. State Bank of India (SBI) is a secured creditor. The liquidation commencement date is 2022-05-18. SBI, via email/letter dated 2022-06-06, informed the liquidator, Shyamal Kumar Bhattacharjee, of its decision not to relinquish its security interest and its intention to proceed under Section 52 of the IBC. SBI also requested the liquidator to intimate the amount payable to SBI. On 2022-09-30, SBI requested the liquidator not to sell the corporate debtor as a going concern, as it would restrain SBI's rights under Section 52 of the IBC. The liquidator requested SBI to comply with Section 52(2) and 52(3) of the IBC and Regulation 21A(2) of the IBBI (Liquidation Process)
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Liquidation process…
State Bank of India informed the liquidator…
The case involves an application under Section 60(5) read with Section 52 of the IBC, 2016, and Regulation 21A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. State Bank of India, a secured creditor of Purple Advertising Services Private Limited (under liquidation), filed an application against the liquidator, Shyamal Kumar Bhattacharjee, and UCO Bank. The application contests the liquidator's letter dated 15.12.2022, which treats assets subject to security as part of the liquidation estate and initiates an auction for the corporate debtor's property as a going concern. SBI claims it had not relinquished its security interest and that the liquidator's actions impede its rights under Section 52 of the IBC.
The corporate debtor, Purple Advertising Services Private Limited, is undergoing liquidation. State Bank of India (SBI) is a secured creditor. The liquidation commencement date is 2022-05-18. SBI, via email/letter dated 2022-06-06, informed the liquidator, Shyamal Kumar Bhattacharjee, of its decision not to relinquish its security interest and its intention to proceed under Section 52 of the IBC. SBI also requested the liquidator to intimate the amount payable to SBI. On 2022-09-30, SBI requested the liquidator not to sell the corporate debtor as a going concern, as it would restrain SBI's rights under Section 52 of the IBC. The liquidator requested SBI to comply with Section 52(2) and 52(3) of the IBC and Regulation 21A(2) of the IBBI (Liquidation Process)
…Liquidation process…
State Bank of India informed the liquidator…