The case involves an application (IA No. 1341/2022) filed by PTC India Financial Services Limited, a secured financial creditor, against the Liquidator and State Bank of India (SBI), challenging the distribution of proceeds from the sale of the corporate debtor, Varam Bioenergy Private Limited, under liquidation. The applicant contends that the liquidator wrongly distributed the sale proceeds only to SBI, the first charge holder, and not to PTC India Financial Services, despite them being a secured financial creditor with a second charge. The corporate debtor was allowed to be liquidated by the Tribunal on 08.07.2021. The liquidator invited claims from creditors, and the applicant filed their claim in Form D as a secured financial creditor for Rs. 43,46,78,538 on
…Varam Bioenergy Private Limited underwent Corporate Insolvency Resolution Process (CIRP) and was subsequently ordered into liquidation on 08.07.2021. PTC India Financial Services Limited, a secured financial creditor, filed a claim of Rs. 43,46,78,538 on 11.08.2021 and another claim as an equity shareholder for Rs. 4,398,00,000. The liquidator initiated the sale of assets, and Nirbhaya Industries emerged as the successful bidder with a bid of Rs. 7.85 Crores. State Bank of India (SBI) had an admitted claim of Rs. 62,70,40,457. The liquidator distributed the sale proceeds of Rs. 7.85 Crores solely to SBI, the first charge holder, based on a legal opinion and a decision taken in a stakeholders meeting on 28.09.2022. PTC India Financial Services Limited, holding a second
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The Hon'ble Tribunal allowed the corporate…
PTC India Financial Services Limited filed a…
The case involves an application (IA No. 1341/2022) filed by PTC India Financial Services Limited, a secured financial creditor, against the Liquidator and State Bank of India (SBI), challenging the distribution of proceeds from the sale of the corporate debtor, Varam Bioenergy Private Limited, under liquidation. The applicant contends that the liquidator wrongly distributed the sale proceeds only to SBI, the first charge holder, and not to PTC India Financial Services, despite them being a secured financial creditor with a second charge. The corporate debtor was allowed to be liquidated by the Tribunal on 08.07.2021. The liquidator invited claims from creditors, and the applicant filed their claim in Form D as a secured financial creditor for Rs. 43,46,78,538 on
…Varam Bioenergy Private Limited underwent Corporate Insolvency Resolution Process (CIRP) and was subsequently ordered into liquidation on 08.07.2021. PTC India Financial Services Limited, a secured financial creditor, filed a claim of Rs. 43,46,78,538 on 11.08.2021 and another claim as an equity shareholder for Rs. 4,398,00,000. The liquidator initiated the sale of assets, and Nirbhaya Industries emerged as the successful bidder with a bid of Rs. 7.85 Crores. State Bank of India (SBI) had an admitted claim of Rs. 62,70,40,457. The liquidator distributed the sale proceeds of Rs. 7.85 Crores solely to SBI, the first charge holder, based on a legal opinion and a decision taken in a stakeholders meeting on 28.09.2022. PTC India Financial Services Limited, holding a second
…The Hon'ble Tribunal allowed the corporate…
PTC India Financial Services Limited filed a…