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 purchased in an e-auction conducted during the liquidation process of Siddhi Vinayak Logistics Ltd. (SVLL). The Enforcement Directorate (ED) had previously attached the property due to alleged money laundering offenses by SVLL, leading to the Sub Registrar's refusal to register the sale deed. The applicant sought registration of the sale deed, arguing that IBC provisions override the Prevention of Money Laundering Act (PMLA), 2002.
A liquidation order was passed against Siddhi Vinayak Logistics Private Limited (SVLL) on 2018-11-19. The liquidator, Mr. Dushyant Dave, published an advertisement on 2021-10-19 for the sale of multiple properties, including land Survey/Khasara No. 341. DRS Warehousing (North) Pvt Ltd participated in the e-auction and was declared the highest bidder for Rs. 2,70,12,871. After paying the entire consideration, DRS Warehousing sought to execute a sale deed, but the Sub-Registrar informed them on 2022-01-28 that the Enforcement Directorate (ED) had issued directions on 2017-04-10 not to allow the creation of any third-party interest in the property without NOC from the ED. DRS Warehousing requested the ED to issue a no-objection certificate, but the ED did not comply. The
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The Directorate of Enforcement issued…
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 purchased in an e-auction conducted during the liquidation process of Siddhi Vinayak Logistics Ltd. (SVLL). The Enforcement Directorate (ED) had previously attached the property due to alleged money laundering offenses by SVLL, leading to the Sub Registrar's refusal to register the sale deed. The applicant sought registration of the sale deed, arguing that IBC provisions override the Prevention of Money Laundering Act (PMLA), 2002.
A liquidation order was passed against Siddhi Vinayak Logistics Private Limited (SVLL) on 2018-11-19. The liquidator, Mr. Dushyant Dave, published an advertisement on 2021-10-19 for the sale of multiple properties, including land Survey/Khasara No. 341. DRS Warehousing (North) Pvt Ltd participated in the e-auction and was declared the highest bidder for Rs. 2,70,12,871. After paying the entire consideration, DRS Warehousing sought to execute a sale deed, but the Sub-Registrar informed them on 2022-01-28 that the Enforcement Directorate (ED) had issued directions on 2017-04-10 not to allow the creation of any third-party interest in the property without NOC from the ED. DRS Warehousing requested the ED to issue a no-objection certificate, but the ED did not comply. The
…The Directorate of Enforcement issued…
Corporate Insolvency Resolution Process of the…