The intervention application, IA No. 76/2023, was filed by AKJ Realtech Private Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant sought impleadment in I.A No. 177 of 2022 in CP (IB) No. 45/ALD/2019, seeking directions to intervene in I.A No. 177 of 2022 and to vacate the Order dated 06.07.2022 in I.A No. 177 of 2022, in light of the dismissal of CA No. 125 of 2023 by the Hon'ble Supreme Court.
AKJ Realtech Private Limited filed an intervention application (IA No. 76/2023) in CP (IB) No. 45/ALD/2019, seeking to be impleaded in I.A No. 177 of 2022. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. AKJ Realtech was the successful bidder in an E-auction conducted on 06.06.2022, with a bid of Rs. 7.45 Crores. The Liquidator/Respondent No.2 executed a letter of Intent dated 07.06.2022 in favor of the applicant. Respondent No.1 had filed I.A No. 177 of 2022 seeking a stay on the sale. The Hon'ble Supreme Court dismissed CA No. 125 of 2023. The tribunal had already passed orders on 21.09.2023 in I.A. No. 193 of 2022, allowing the auction process, and dismissed I.A No. 177 of 2022.
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E-auction conducted where AKJ Realtech Private…
The Liquidator/Respondent No.2 executed a…
The intervention application, IA No. 76/2023, was filed by AKJ Realtech Private Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant sought impleadment in I.A No. 177 of 2022 in CP (IB) No. 45/ALD/2019, seeking directions to intervene in I.A No. 177 of 2022 and to vacate the Order dated 06.07.2022 in I.A No. 177 of 2022, in light of the dismissal of CA No. 125 of 2023 by the Hon'ble Supreme Court.
AKJ Realtech Private Limited filed an intervention application (IA No. 76/2023) in CP (IB) No. 45/ALD/2019, seeking to be impleaded in I.A No. 177 of 2022. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. AKJ Realtech was the successful bidder in an E-auction conducted on 06.06.2022, with a bid of Rs. 7.45 Crores. The Liquidator/Respondent No.2 executed a letter of Intent dated 07.06.2022 in favor of the applicant. Respondent No.1 had filed I.A No. 177 of 2022 seeking a stay on the sale. The Hon'ble Supreme Court dismissed CA No. 125 of 2023. The tribunal had already passed orders on 21.09.2023 in I.A. No. 193 of 2022, allowing the auction process, and dismissed I.A No. 177 of 2022.
E-auction conducted where AKJ Realtech Private…
The Liquidator/Respondent No.2 executed a…