The case involves an appeal filed by Kolkata Municipal Corporation against the liquidator's decision to partially reject their claim in the liquidation process of Talwalkars Better Value Fitness Limited. The corporation claimed to be a secured creditor based on a first charge on the property under the Kolkata Municipal Corporation Act, 1980, seeking the tribunal's intervention to set aside the liquidator's decision and direct the liquidator to admit their entire claim. The corporate insolvency resolution process (CIRP) was initiated by Axis Bank Limited, leading to a liquidation order due to the absence of resolution plans.
Axis Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Talwalkars Better Value Fitness Limited. Saurabh Kumar Tikmani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Due to the absence of resolution plans, the Committee of Creditors (CoC) resolved to initiate liquidation. The tribunal passed a liquidation order on 2022-04-28. Kolkata Municipal Corporation (KMC) claimed outstanding property tax of INR 47,77,358 as of 2022-03-22, with a balance of INR 30,28,233.91 remaining unpaid after partial payments. As of the Liquidation Commencement Date, the outstanding property tax was INR 51,72,528. KMC filed Form C claiming INR 51,72,528, divided into principal, interest, and
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Tribunal order initiating Corporate Insolvency…
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The case involves an appeal filed by Kolkata Municipal Corporation against the liquidator's decision to partially reject their claim in the liquidation process of Talwalkars Better Value Fitness Limited. The corporation claimed to be a secured creditor based on a first charge on the property under the Kolkata Municipal Corporation Act, 1980, seeking the tribunal's intervention to set aside the liquidator's decision and direct the liquidator to admit their entire claim. The corporate insolvency resolution process (CIRP) was initiated by Axis Bank Limited, leading to a liquidation order due to the absence of resolution plans.
Axis Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Talwalkars Better Value Fitness Limited. Saurabh Kumar Tikmani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Due to the absence of resolution plans, the Committee of Creditors (CoC) resolved to initiate liquidation. The tribunal passed a liquidation order on 2022-04-28. Kolkata Municipal Corporation (KMC) claimed outstanding property tax of INR 47,77,358 as of 2022-03-22, with a balance of INR 30,28,233.91 remaining unpaid after partial payments. As of the Liquidation Commencement Date, the outstanding property tax was INR 51,72,528. KMC filed Form C claiming INR 51,72,528, divided into principal, interest, and
…Tribunal order initiating Corporate Insolvency…
Corrigendum order…