The application IA No. 348/2022 was filed in CP (IB) NO. 45/ALD/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016. The applicants, flat buyers in the Silver Holmes project of the Corporate Debtor (Ratandeep Infrastructure Private Limited), sought directions including impleading respondents, declaring the auction illegal, directing the liquidator to sell assets as a going concern, and taking action against the liquidator for disregarding the IBC, 2016. The applicants contended that the liquidator violated IBC during CIRP and liquidation, raised objections to claim amounts, and were not involved in deliberations. They also highlighted a rejected scheme of compromise and arrangement and alleged the liquidator
…Navneet Jain and Chetna Rustagi, flat buyers in the Silver Holmes project of Ratandeep Infrastructure Private Limited, filed an application (IA No. 348/2022) against the ongoing liquidation process. They alleged violations of the Insolvency and Bankruptcy Code (IBC), 2016, by the liquidator, including discrepancies in claim amounts and lack of involvement in deliberations. The applicants also contested the e-auction process, claiming it was conducted unethically and that the liquidator was a related party. They highlighted a rejected scheme of compromise and arrangement, asserting that the liquidator auctioned assets at a lower price. Bankey Bihari Infrahomes Private Limited had previously filed an appeal before NCLAT against an order related to the same matter. The
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Company Petition No.…
The e-aucti…
The application IA No. 348/2022 was filed in CP (IB) NO. 45/ALD/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016. The applicants, flat buyers in the Silver Holmes project of the Corporate Debtor (Ratandeep Infrastructure Private Limited), sought directions including impleading respondents, declaring the auction illegal, directing the liquidator to sell assets as a going concern, and taking action against the liquidator for disregarding the IBC, 2016. The applicants contended that the liquidator violated IBC during CIRP and liquidation, raised objections to claim amounts, and were not involved in deliberations. They also highlighted a rejected scheme of compromise and arrangement and alleged the liquidator
…Navneet Jain and Chetna Rustagi, flat buyers in the Silver Holmes project of Ratandeep Infrastructure Private Limited, filed an application (IA No. 348/2022) against the ongoing liquidation process. They alleged violations of the Insolvency and Bankruptcy Code (IBC), 2016, by the liquidator, including discrepancies in claim amounts and lack of involvement in deliberations. The applicants also contested the e-auction process, claiming it was conducted unethically and that the liquidator was a related party. They highlighted a rejected scheme of compromise and arrangement, asserting that the liquidator auctioned assets at a lower price. Bankey Bihari Infrahomes Private Limited had previously filed an appeal before NCLAT against an order related to the same matter. The
…Company Petition No.…
The e-aucti…