The case involves a winding-up petition initiated in the Delhi High Court under Sections 439, 433(e), and 434 of the Companies Act, 1956 against Shubhkamna Buildwell and Estates Pvt. Ltd. The High Court admitted the petition, appointed an Official Liquidator, and directed the liquidator to take over the assets and records of the company. Subsequently, 122 applicants claiming to be homebuyers sought the transfer of the winding-up proceedings to the National Company Law Tribunal (NCLT) and a stay on liquidation. The NCLT is now considering the transfer of the case and the initiation of Corporate Insolvency Resolution Process (CIRP).
On 06.08.2018, the Delhi High Court passed an order for winding up Shubhkamna Buildwell and Estates Pvt. Ltd. under Sections 439, 433(e), and 434 of the Companies Act, 1956. The High Court appointed an Official Liquidator and directed the takeover of assets. 122 homebuyers applied for the transfer of the winding-up proceedings to the NCLT and a stay on liquidation. The Official Liquidator attempted to dispose of the company's properties, but it was unsuccessful. The NCLT considered these facts, along with the applications filed in Form 1 and Form 2, and initiated CIRP, appointing Mr. Shailendra Singh as the IRP. The IRP is directed to take charge from the Provisional Liquidator. The order also mentions Section 53 of the IBC, 2016, regarding the priority of distribution
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The Hon'ble Delhi High…
The Hon'ble Delhi High Court considered…
The case involves a winding-up petition initiated in the Delhi High Court under Sections 439, 433(e), and 434 of the Companies Act, 1956 against Shubhkamna Buildwell and Estates Pvt. Ltd. The High Court admitted the petition, appointed an Official Liquidator, and directed the liquidator to take over the assets and records of the company. Subsequently, 122 applicants claiming to be homebuyers sought the transfer of the winding-up proceedings to the National Company Law Tribunal (NCLT) and a stay on liquidation. The NCLT is now considering the transfer of the case and the initiation of Corporate Insolvency Resolution Process (CIRP).
On 06.08.2018, the Delhi High Court passed an order for winding up Shubhkamna Buildwell and Estates Pvt. Ltd. under Sections 439, 433(e), and 434 of the Companies Act, 1956. The High Court appointed an Official Liquidator and directed the takeover of assets. 122 homebuyers applied for the transfer of the winding-up proceedings to the NCLT and a stay on liquidation. The Official Liquidator attempted to dispose of the company's properties, but it was unsuccessful. The NCLT considered these facts, along with the applications filed in Form 1 and Form 2, and initiated CIRP, appointing Mr. Shailendra Singh as the IRP. The IRP is directed to take charge from the Provisional Liquidator. The order also mentions Section 53 of the IBC, 2016, regarding the priority of distribution
…The Hon'ble Delhi High…
The Hon'ble Delhi High Court considered…