The case involves an application (IA No. 82/2023) filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016, seeking permission for re-auction of the Corporate Debtor's assets and removal of the liquidator. The applicant, Bankey Bihari Infrahomes Pvt. Ltd., contended that the liquidator proceeded with the auction and dissolution of the corporate debtor without considering its revival as a going concern. The applicant also alleged that the liquidator was a related party to the corporate debtor and failed to disclose this fact, violating IBBI regulations. The applicant had previously submitted a scheme of compromise and arrangement, proposing a higher value for the assets than the accepted e-auction bid. The
…The applicant, Bankey Bihari Infrahomes Pvt. Ltd., filed an application seeking re-auction of the Corporate Debtor's assets and removal of the liquidator, Mr. Alok Kumar Kuchchal. The applicant contended that the liquidator proceeded with the auction without considering the revival of the corporate debtor as a going concern, and that the liquidator was a related party to the corporate debtor. The applicant had submitted a scheme of compromise and arrangement proposing a higher value for the assets (Rs. 12.48 crores) than the accepted e-auction bid (Rs. 7.45 crores by AKJ Realtech Private Limited). The applicant alleged that the liquidator failed to disclose his relationship with the suspended director's family and violated IBBI regulations by not uploading the list of
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CIRP initiated with…
Liquidation…
The case involves an application (IA No. 82/2023) filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016, seeking permission for re-auction of the Corporate Debtor's assets and removal of the liquidator. The applicant, Bankey Bihari Infrahomes Pvt. Ltd., contended that the liquidator proceeded with the auction and dissolution of the corporate debtor without considering its revival as a going concern. The applicant also alleged that the liquidator was a related party to the corporate debtor and failed to disclose this fact, violating IBBI regulations. The applicant had previously submitted a scheme of compromise and arrangement, proposing a higher value for the assets than the accepted e-auction bid. The
…The applicant, Bankey Bihari Infrahomes Pvt. Ltd., filed an application seeking re-auction of the Corporate Debtor's assets and removal of the liquidator, Mr. Alok Kumar Kuchchal. The applicant contended that the liquidator proceeded with the auction without considering the revival of the corporate debtor as a going concern, and that the liquidator was a related party to the corporate debtor. The applicant had submitted a scheme of compromise and arrangement proposing a higher value for the assets (Rs. 12.48 crores) than the accepted e-auction bid (Rs. 7.45 crores by AKJ Realtech Private Limited). The applicant alleged that the liquidator failed to disclose his relationship with the suspended director's family and violated IBBI regulations by not uploading the list of
…CIRP initiated with…
Liquidation…