Union Bank of India, a financial creditor and COC member, filed an application (IA/5187/2024) seeking clarification that a property sold by them under the SARFAESI Act prior to the commencement of CIRP of Waxsen Lifescience Pvt Ltd, the corporate debtor, should not be considered as part of the CIRP assets. The bank also sought to set aside the decision of Respondent No. 2 approving the resolution plan dated 04.01.2024.
Union Bank of India sanctioned and disbursed credit facilities to Waxsen Lifescience Pvt Ltd for Rs. 1378.02 lakhs, secured by equitable mortgage and hypothecation.
The loan of the Corporate Debtor was classified as NPA on 31.01.2020.
Union Bank of India took symbolic possession of the property under Section 13(2) and (3) of the SARFAESI Act.
E-auction was conducted on 10.09.2022, and M/s. Survival Technologies Private Limited was declared the highest bidder.
A sale certificate was issued on 15.12.2022 and registered on 07.06.2023.
The Corporate Debtor issued a No Objection Certificate dated 11.01.2022 to Gujarat Industrial Development Corporation.
Union Bank of India submitted a claim in Form C of INR 19969519.00 dated 14.03.2023.
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Sanction letter for…
Letter of continuity…
Union Bank of India, a financial creditor and COC member, filed an application (IA/5187/2024) seeking clarification that a property sold by them under the SARFAESI Act prior to the commencement of CIRP of Waxsen Lifescience Pvt Ltd, the corporate debtor, should not be considered as part of the CIRP assets. The bank also sought to set aside the decision of Respondent No. 2 approving the resolution plan dated 04.01.2024.
Union Bank of India sanctioned and disbursed credit facilities to Waxsen Lifescience Pvt Ltd for Rs. 1378.02 lakhs, secured by equitable mortgage and hypothecation.
The loan of the Corporate Debtor was classified as NPA on 31.01.2020.
Union Bank of India took symbolic possession of the property under Section 13(2) and (3) of the SARFAESI Act.
E-auction was conducted on 10.09.2022, and M/s. Survival Technologies Private Limited was declared the highest bidder.
A sale certificate was issued on 15.12.2022 and registered on 07.06.2023.
The Corporate Debtor issued a No Objection Certificate dated 11.01.2022 to Gujarat Industrial Development Corporation.
Union Bank of India submitted a claim in Form C of INR 19969519.00 dated 14.03.2023.
…Sanction letter for…
Letter of continuity…