The case involves an application filed by DRS Warehousing (North) Pvt Ltd under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to the Office of Sub Registrar to register a sale deed for a property. The property was purchased by DRS Warehousing in an e-auction conducted by the liquidator of Siddhi Vinayak Logistics Ltd, which was undergoing liquidation. However, the Sub-Registrar refused to register the sale deed due to an attachment order issued by the Enforcement Directorate (ED) against the property, stemming from a case of alleged money laundering involving Siddhi Vinayak Logistics Ltd. The applicant contends that Section 238 of the IBC overrides the provisions of the Prevention of Money Laundering Act (PMLA), 2002, and
…1. A liquidation order was passed against Siddhi Vinayak Logistics Private Limited on 2018-11-19.
2. Dushyant Dave was appointed as the liquidator.
3. The liquidator advertised the sale of multiple properties, including Land Survey/Khasara No. 341, admeasuring 2.00 hectares (4.941 Acres), through e-auction scheduled for 2021-11-20.
4. DRS Warehousing (North) Private Limited was declared the highest bidder for Rs. 2,70,12,871.
5. DRS Warehousing paid the entire consideration and sought to execute a sale deed.
6. The Sub-Registrar refused to register the sale deed, citing a letter from the Enforcement Directorate (ED) dated 2017-04-10, which directed against the creation of third-party interests due to an ongoing money laundering investigation.
7. The ED had registered a case
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The Directorate of Enforcement issued directions…
Corporate Insolvency Resolution Process of the…
The case involves an application filed by DRS Warehousing (North) Pvt Ltd under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to the Office of Sub Registrar to register a sale deed for a property. The property was purchased by DRS Warehousing in an e-auction conducted by the liquidator of Siddhi Vinayak Logistics Ltd, which was undergoing liquidation. However, the Sub-Registrar refused to register the sale deed due to an attachment order issued by the Enforcement Directorate (ED) against the property, stemming from a case of alleged money laundering involving Siddhi Vinayak Logistics Ltd. The applicant contends that Section 238 of the IBC overrides the provisions of the Prevention of Money Laundering Act (PMLA), 2002, and
…1. A liquidation order was passed against Siddhi Vinayak Logistics Private Limited on 2018-11-19.
2. Dushyant Dave was appointed as the liquidator.
3. The liquidator advertised the sale of multiple properties, including Land Survey/Khasara No. 341, admeasuring 2.00 hectares (4.941 Acres), through e-auction scheduled for 2021-11-20.
4. DRS Warehousing (North) Private Limited was declared the highest bidder for Rs. 2,70,12,871.
5. DRS Warehousing paid the entire consideration and sought to execute a sale deed.
6. The Sub-Registrar refused to register the sale deed, citing a letter from the Enforcement Directorate (ED) dated 2017-04-10, which directed against the creation of third-party interests due to an ongoing money laundering investigation.
7. The ED had registered a case
The Directorate of Enforcement issued directions…
Corporate Insolvency Resolution Process of the…