Aditya Birla Finance Limited filed an application MA/67(CHE)/2021 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for Mr. M. Murugesan, the liquidator of Velohar Infra Private Limited, to either realize the property swiftly and transfer the sale proceeds to the Applicant or realize the property back to the Applicant. The Applicant claimed to be the sole secured financial creditor of the Corporate Debtor, Velohar Infra Private Limited. The liquidation process was initiated following an order by the Adjudicating Authority on 2019-06-12. The Applicant had submitted its claim during the CIR process, which was allowed by the Respondent. Bank of India (BOI) also submitted a claim, which was admitted as an unsecured financial creditor. The
…Aditya Birla Finance Limited (Applicant) sought directions from the NCLT to compel Mr. M. Murugesan (Liquidator) to transfer proceeds from the sale of a property of Velohar Infra Private Limited (Corporate Debtor). The liquidation was ordered on 2019-06-12. The Applicant claimed to be the sole secured financial creditor, holding a registered mortgage deed dated 2014-02-17. Bank of India (BOI) is another creditor, classified as unsecured. The Applicant relinquished its security interest on 2019-07-18, filing a claim in Form D. The Liquidator received an email from BOI on 2020-09-24, stating they also relinquished their security interest. The Applicant contended this was contrary to IBC, 2016. The Liquidator responded to both parties on 2020-10-14, reconfirming the
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CIRP initiated against Velohar Infra…
Adjudicating Authority…
Aditya Birla Finance Limited filed an application MA/67(CHE)/2021 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for Mr. M. Murugesan, the liquidator of Velohar Infra Private Limited, to either realize the property swiftly and transfer the sale proceeds to the Applicant or realize the property back to the Applicant. The Applicant claimed to be the sole secured financial creditor of the Corporate Debtor, Velohar Infra Private Limited. The liquidation process was initiated following an order by the Adjudicating Authority on 2019-06-12. The Applicant had submitted its claim during the CIR process, which was allowed by the Respondent. Bank of India (BOI) also submitted a claim, which was admitted as an unsecured financial creditor. The
…Aditya Birla Finance Limited (Applicant) sought directions from the NCLT to compel Mr. M. Murugesan (Liquidator) to transfer proceeds from the sale of a property of Velohar Infra Private Limited (Corporate Debtor). The liquidation was ordered on 2019-06-12. The Applicant claimed to be the sole secured financial creditor, holding a registered mortgage deed dated 2014-02-17. Bank of India (BOI) is another creditor, classified as unsecured. The Applicant relinquished its security interest on 2019-07-18, filing a claim in Form D. The Liquidator received an email from BOI on 2020-09-24, stating they also relinquished their security interest. The Applicant contended this was contrary to IBC, 2016. The Liquidator responded to both parties on 2020-10-14, reconfirming the
…CIRP initiated against Velohar Infra…
Adjudicating Authority…