The case involves an application under Section 43 and 60(2) of the Insolvency and Bankruptcy Code (IBC), 2016, filed by the Resolution Professional (RP) seeking to declare the sale of six vehicles by Equitas Small Bank Ltd as preferential transactions and to restore the same. The Corporate Insolvency Resolution Process (CIRP) was initiated against R L Logistics Pvt. Ltd on February 27, 2019, and a liquidation order was passed on October 21, 2019. The RP contends that the vehicles belonging to the Corporate Debtor were sold during March 2019 (though Equitas claims September 2018) after the commencement of CIRP. The RP argues that the sale of these vehicles by Equitas Small Bank Ltd was not conducted properly, as no charges were registered with the Registrar of Companies
…The Corporate Insolvency Resolution Process (CIRP) was initiated against R L Logistics Pvt. Ltd on February 27, 2019, and a liquidation order was passed on October 21, 2019. The Resolution Professional (RP) filed an application under Section 43 and 60(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to declare the sale of six vehicles by Equitas Small Bank Ltd as preferential transactions. The RP stated that the vehicles were sold after the commencement of CIRP, although Equitas claimed they were sold in September 2018. The RP argued that Equitas did not register the charge with the Registrar of Companies (RoC) or the Regional Transport Office (RTO), and the vehicles were sold in a private sale without proper valuation or following the SARFAESI Act. The RP
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Sale was made based on…
The case involves an application under Section 43 and 60(2) of the Insolvency and Bankruptcy Code (IBC), 2016, filed by the Resolution Professional (RP) seeking to declare the sale of six vehicles by Equitas Small Bank Ltd as preferential transactions and to restore the same. The Corporate Insolvency Resolution Process (CIRP) was initiated against R L Logistics Pvt. Ltd on February 27, 2019, and a liquidation order was passed on October 21, 2019. The RP contends that the vehicles belonging to the Corporate Debtor were sold during March 2019 (though Equitas claims September 2018) after the commencement of CIRP. The RP argues that the sale of these vehicles by Equitas Small Bank Ltd was not conducted properly, as no charges were registered with the Registrar of Companies
…The Corporate Insolvency Resolution Process (CIRP) was initiated against R L Logistics Pvt. Ltd on February 27, 2019, and a liquidation order was passed on October 21, 2019. The Resolution Professional (RP) filed an application under Section 43 and 60(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to declare the sale of six vehicles by Equitas Small Bank Ltd as preferential transactions. The RP stated that the vehicles were sold after the commencement of CIRP, although Equitas claimed they were sold in September 2018. The RP argued that Equitas did not register the charge with the Registrar of Companies (RoC) or the Regional Transport Office (RTO), and the vehicles were sold in a private sale without proper valuation or following the SARFAESI Act. The RP
…Process of registration…
Sale was made based on…